The battle for Revolution Bars Group looks to be over as shareholders voted to reject Stonegate’s £101.5 million cash offer.
A court meeting and the general meeting held earlier today saw almost 40% of shareholders voted against the 203p per share deal.
Revolution said it was now focused on the upcoming Christmas trading period. In a statement released today, it said: ‘The board remains confident regarding the underlying strength of the Revolution business and its ability to operate and grow as a standalone business, not least given the scale and strength of Revolution’s new venue pipeline and the returns achieved by new venues opened in the last two years.
‘The board considers that its clear and focused strategy, the quality of Revolution’s sites and customer proposition, and the talent within the business, leave the business well placed for further growth.
‘Revolution is proud that it has delivered 16 consecutive quarters of like-for-like sales growth. The board is pleased that the management team is now able fully to focus on running the business, starting with the successful delivery of the important Christmas trading period.’
Last week the company also rejected merger proposals from nightclub operator Deltic. It had offered a model where Revolution shareholders would own 65% and Deltic 35% of the ‘enlarged group’. However, the Revolution board rejected its proposal, saying it was seeking a cash offer.