Marston’s rejects Platinum Equity bid
The group confirmed reports on Friday (29 January) that it had received an unsolicited non-binding proposal from the American private equity firm regarding a possible cash offer for its share capital.
Marston's confirmed that its board has unanimously rejected the proposal from Platinum of 105p per Marston's share.
The most recent proposal follows two earlier proposals, at 88p and 95p per share in December.
Both were received prior to Marston's acquisition of brewer Brain’s 156 pubs, and were also unanimously rejected by the board.
Marston's said the latest offer represents a 19% discount to the company’s share price at the start of 2020, prior to the onset of the Coronavirus pandemic.
Since then Marston’s has completed a joint venture with Carlsberg to create the Carlsberg Marston’s Brewing Company, which realised significant value on completion and is anticipated to continue to do so as the benefits of the joint venture are realised, according to the business
While the Brain’s deal, which will see the group operate the 156-strong Welsh pub portfolio on a combination of leased and management contract arrangements, is also expected to be accretive to earnings in the first full year of trading.
