Revolution Bars has been accused of dismissing a merger offer from Britain’s biggest nightclub operator “out of hand” as it moves forward with Stonegate’s £101.5m takeover.
Deltic Group, formerly Luminar, said that Stonegate undervalues Revolution, which floated in 2015.
“Revolution’s board has rejected Deltic’s merger proposal out of hand and has seen no merit in pursuing merger discussions or conducting any due diligence on Deltic’s business or plans for a combined business,” Deltic said in a statement.
