Deltic, the nightclub owner, yesterday threatened to gatecrash an agreed takeover of Revolution Bars by Stonegate, the owner of the Slug and Lettuce pubs chain. Within minutes of Stonegate setting out details of its £101.5 million bid, Deltic said that it was considering making a rival cash offer. Revolution said that its board would recommend an increased cash offer of 203p a share by Stonegate, a month after it made an approach at 200p. The deal would bring together Stonegate, the fourth largest managed pubs company in the UK, with 689 sites, and Revolution, with 68 bars including the Revolución de Cuba brand. Stonegate, majority owned by TDR Capital, the private equity company, said that it had received support from nearly 21 per cent of…

Source: The Times August 24, 2017 16:07 UTC