FX.co ★ Nightcap Says Doesn't Intend To Make Offer For Revolution Bars Group

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.