Manchester-based Revolution Bars Group plc said it received a conditional proposal from Slug & Lettuce owner Stonegate Pub Company Limited to acquire Revolution “on a recommended basis” at an offer price of 200p per share in cash — about £100 million.

Stonegate has more than 690 pubs and bars across the UK including Slug and Lettuce, Yates, Walkabout, Missoula, Proper Pubs, Town Pub & Kitchen, Common Room and Classic Inns.

“Discussions between Revolution and Stonegate are ongoing regarding the details of the proposal and Stonegate is undertaking its due diligence review,” said Revolution Bars Group.

“There can be no certainty that any offer for the company will be made, nor as to the terms on which any offer might be made.”

In accordance with the UK’s takeover code, Stonegate will be required by no later than August 28 to announce either a firm intention to make an offer for Revolution or that it does not intend to make an offer.