The Deltic Group drop merger proposal for Revolution

The Deltic Group drop merger proposal for Revolution

The Deltic Group and its holding company Ranimul 1 Limited have confirmed that they do not intend to make a cash offer or a merger proposal for Revolution Bars Group plc.

“It is not possible to implement the Revised Merger Proposal without the full engagement and agreement of the directors of Revolution, which as at the date of this announcement, has regretfully still not been forthcoming,” a company statement says. “Consequently, Deltic is now unable to take its Revised Merger Proposal any further.”

Deltic has, however, reserved the right to announce an offer or a whitewash proposal or Revolution within the next six months should the Revolution board of directors agree and Stonegate’s offer is withdrawn or lapsed; if a third party other than Stonegate announces a firm intention to make an offer for Revolution; if Revolution announces a whitewash proposal or a reverse takeover; or if the panel determines that there has been a material change of circumstances.