Marston’s rejects takeover offer from private equity firm

The board of UK pubco Marston’s has unanimously rejected a takeover bid from US private equity firm Platinum Equity Advisors, stating it “very significantly undervalues” the company.

Marston’s confirmed reports in the media that it had received an “unsolicited non-binding proposal” from Platinum at the end of last month.

In a statement published yesterday, it confirmed that it had considered the proposal, which values Marston’s shares at 105 pence each, equating to an offer of some £690 million.

Marston’s said its board had rejected the proposal, which followed two earlier offers at 88p and 95p per share put forward in December. Both of these earlier offers were received prior to Marston’s announcement that it was to takeover running of Welsh brewer Brains’ pub portfolio.

Marston’s said Platinum’s latest offer represents a 19% discount on the company’s share price at the start of 2020 before coronavirus struck.

Since then, it has completed on a “transformative joint venture” with Carlsberg, which was valued at £750 million. 

The pubco said the deal “realised significant value on completion and is anticipated to continue to do so as the benefits of the joint venture are realised”.

Platinum has until 26 February to make a formal offer.

Leave your reply

Most Recent Stories

Pictures: Brits brave beer gardens despite torrential bank holiday rain

Brave Brits were photographed enjoying a pint or two over the May bank holiday weekend – despite hostile weather conditions including torrential rain and powerful winds on the coldest May Day on record.

Jascots converts e-commerce arm into a new private members club

Jascots wine merchant is converting the e-commerce operation it launched during lockdown into a new private members club, as restaurants reopen on 17 May.

CMS offering 100 scholarships for online sommelier course

The Court of Master Sommeliers, Americas has launched an online Introductory Sommelier Course and exam designed to create more inclusivity in wine education.

Jason Atherton to open Harrods Social in Knightsbridge

Michelin-starred chef Jason Atherton is to open Harrods Social within the luxury department store in Knightsbridge when indoor dining begins again on 17 May.

Three star restaurant Eleven Madison Park to go vegan

Proving he’s unafraid of taking big risks, chef Daniel Humm is to turn his three-Michelin-starred New York restaurant Eleven Madison Park into a vegan venue.

Most Recent Stories

Pictures: Brits brave beer gardens despite torrential bank holiday rain

Brave Brits were photographed enjoying a pint or two over the May bank holiday weekend – despite hostile weather conditions including torrential rain and powerful winds on the coldest May Day on record.

Jascots converts e-commerce arm into a new private members club

Jascots wine merchant is converting the e-commerce operation it launched during lockdown into a new private members club, as restaurants reopen on 17 May.

CMS offering 100 scholarships for online sommelier course

The Court of Master Sommeliers, Americas has launched an online Introductory Sommelier Course and exam designed to create more inclusivity in wine education.

Jason Atherton to open Harrods Social in Knightsbridge

Michelin-starred chef Jason Atherton is to open Harrods Social within the luxury department store in Knightsbridge when indoor dining begins again on 17 May.

Three star restaurant Eleven Madison Park to go vegan

Proving he’s unafraid of taking big risks, chef Daniel Humm is to turn his three-Michelin-starred New York restaurant Eleven Madison Park into a vegan venue.