The company issued a statement yesterday (10 October) saying that its board had decided the move was “not in the best interests of the company’s shareholders”.
Deltic, which owns brands including Bar&Beyond and Pryzm, said in response: “It was disappointing that such talks, that were only ever at an early stage, were leaked and that the decision not to proceed comes as little surprise.
“Deltic still believes that there is a compelling financial case for a merger between the two companies but respects the decision of the Board of Revolution.”
It stressed that it was a “well-run business” and that the Revolution merger was “only one of several routes” it was exploring to grow the company.
Deltic abandoned a c.£100m bidding war with Stonegate Pub Company over a possible merger with Revolution last year.
Revolution’s shareholders later voted against Stonegate’s bid for the group, and the company confirmed it had re-entered talks with Deltic in September 2018.
Deltic remains a shareholder in Revolution going forward.