Stonegate Pub Company has confirmed that it will not be raising its bid for Revolution Bars and stated that its cash offer of 203p made on 24 August 2017 is final.
The Deltic Group confirmed on Tuesday that it would no longer go ahead with a cash offer or a merger proposal with Revolution after Revolution dismissed its bid.
Stonegate believes that its bid brings certainty to Revolution shareholders and all its employees, with payment to the shareholders within four weeks.
Ian Payne, Chairman of Stonegate stated, 'We have always been disciplined in the prices we pay for acquisitions. We believe that 203p fully reflects the value of Revolution and the Board of Revolution agrees with us. We urge shareholders to vote in favour of our Final Cash Offer.'