Revolution Bars Group shares climbed 45% after it announced it had received a conditional proposal from Stonegate to acquire the company , which values it at c£100m.

Stonegate’s proposed bid is on the basis of an offer price of £2 per share. Revolution has 50,000,000 ordinary shares in issue.

The two companies are in ongoing discussions over the details of the proposal and Stonegate is undertaking its due diligence review.

Stonegate has until 28 August to make a firm offer for the 68-strong group.

Rumours of a bid for Revolution have circulated since a profit warning in May, which saw its share price fall almost 40% in a day.

Its most recent update showed total sales for the 52 weeks to 1 July up 9.2% to £130.4m with like-for-like sales growing 1.5%, down from the 1.7% reported after 44 weeks.

Stonegate, which completed a £595m refinancing earlier this year, has boosted its estate with the acquisition of the 30-strong Intertain estate in December, the three-strong Large Bars estate in May and individual sites from JD Wetherspoon and Faucet Inn among others.

It is also believed to one the parties to have shown an interest in acquiring Be At One, which was placed on the market earlier this year.

Leading analyst Douglas Jack, of Peel Hunt, said: “Revolution Bars Group is a good fit for Stonegate, which has an established portfolio of town-centre bars and traditional pubs. Stonegate has a track record for generating high returns from acquiring and integrating wet-led businesses. Previously, it has taken advantage of its competitors focusing on food-led growth, yet the performance gap between wet-led and food-led has narrowed markedly over the last two years.

“Stonegate should benefit from Revolution’s expertise in the fast-growing cocktail and premium spirit categories; and Revolution should benefit from Stonegate’s scale and expertise in other areas.

“We believe the plan is firmly to take RBG private, and that the due diligence process is well-established. It is possible that these assets could eventually return to the public markets via a Stonegate IPO, but that is unlikely before 2019/20 at the very earliest.”