Deltic, Britain’s biggest nightclub operator, has reignited its quest to merge with Revolution Bars by snapping up a 3% stake in the firm.
In a stock exchange announcement on Thursday Deltic, which has been pursuing a combination for months, said that it has purchased 1.5 million shares in Revolution.
Deltic has been attempting to engage with the Revolution board as it seeks an all-paper merger.
It has previously tabled a proposal that would see embattled Revolution own 65% of a combined entity and Deltic the remaining 35%, creating a bar giant with annual sales of more than £270 million.
Its overtures have been continuously rejected as Revolution sought instead to be taken over by Slug And Lettuce owner Stonegate.
However, Stonegate’s takeover collapsed in October after Revolution shareholders rejected a £101.5 million buyout bid from the group.
The botched takeover attempt from Stonegate left the door open for Deltic to resurrect its interest.
Deltic has previously said: “If the Stonegate offer is withdrawn or lapses and shareholders wish the Revolution board to explore the revised merger proposal, shareholders should encourage the Revolution board to engage with Deltic at that point in time.”
Revolution, which owns more than 60 Revolution and Revolucion de Cuba high street bars, has said of Deltic’s approach that it would not create shareholder value.