Ultimate Leisure, the North-east-based bar, nightclub and hotel operator has made an approach to buy vodka bar chain Revolution.
The offer for Revolution owner Inventive Leisure is thought to value the company at £50m, including debt, or 170p per share.
“Ultimate confirms that it made a preliminary indicative approach to the independent committee of directors so that it could evaluate a possible offer for Inventive,” the company said in a statement.
“To date no information has been received. There can be no certainty that any offer will be forthcoming or as to the terms of any such offer.”
Inventive Leisure has been also in talks with a private equity company about a sale – thought to be Alchemy Partners – since September.
Yesterday, Inventive chairman John Green, said takeover talks were still continuing but “no formal agreement has been entered into”. He added that a further announcement will be made in due course.
By Jessica Gunn
Inventive takeover talks still in progress >>
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