It appears that Revolution Bars (RBG) will not be taken over after all, at least for the time being. Shareholders have voted against Stonegate Pub Group’s 203p-a-share bid, with 54 per cent rejecting the deal. This is despite Revolution's management encouraging investors to take the cash offer, which was first proposed after the group issued a profit warning in May. Chief executive Mark McQuater has resigned with immediate effect and chairman Keith Edelman will look after the business until a replacement is found.
Revolution’s largest shareholder had initially backed the Stonegate deal, but this support was withdrawn the day after rival bidder Deltic put forward an unofficial offer for an all-share tie-up. Another offer cannot be made for six months unless Revolution’s board was to agree to Deltic putting forward a formal offer, or if another bidder was to come along.
