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Morning Briefing for pub, restaurant and food wervice operators

Tue 17th Oct 2017 - Revolution shareholders reject Stonegate takeover bid
Revolution shareholders reject Stonegate takeover bid: Revolution Bars Group shareholders have rejected Stonegate Pub Company’s £101.5m takeover bid. When Stonegate made its original 203 pence per share cash offer for Revolution in August, it required at least 75% of all shareholders to vote in favour of the deal. At a court meeting, 56% of scheme shareholders voted in favour of the transaction, while 44% voted against. However, those against the deal held 16.1 million shares, representing 53.76% of scheme shares. Revolution Bars Group stated: “Revolution announces at the court meeting and the general meeting, the requisite resolutions were not passed and, therefore, the scheme has lapsed. The scheme court hearing to sanction the scheme, scheduled for 20 October, will not take place. 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 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 it has delivered 16 consecutive quarters of like-for-like sales growth. The board is pleased the management team is now able fully to focus on running the business, starting with the successful delivery of the important Christmas trading period. The board would like to thank shareholders for their support of the business during this extended offer period and will work tirelessly to deliver its strategy and to maximise shareholder value.” 

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