Revolution shareholders vote against Stonegate proposal

At a general meeting, Revolution Bars Group shareholders have voted against a takeover bid from Stonegate Pub Company.

Revolution needed the backing of 75% of its shareholders to move on the proposal, however, 53.8% voted against and 46.3% were in favour.

Revolution's board stated that it was 'pleased that the management team is now able fully to focus on running the business, starting with the successful delivery of the important Christmas trading period.'

Slug and Lettuce operator, Stonegate had made a £101.5m cash offer for Revolution and was up against rival bidder Deltic, but Deltic's proposal was rejected.