Nightcap has announced that it will not pursue an offer for the full share capital of Revolution Bars Group plc (RBG.L).
On May 28, 2024, Revolution Bars declined a non-binding share-for-share offer from Nightcap for its total issued and to-be-issued share capital.
The non-binding proposal, submitted to Revolution Bars' board on May 17, 2024, was believed by Nightcap’s board to offer a better outcome for Revolution Bars' shareholders and to significantly reduce the debt position for its creditors. However, the proposal did not specify a fixed fundraising amount, as Nightcap did not receive detailed financial information necessary to ascertain the cash requirements of Revolution Bars and the merged entity until May 21, 2024.
