U.S.-based private equity investment firm Platinum Equity Advisors LLC said Thursday that after careful consideration, it does not intend to submit a revised proposal and it will not make a firm offer for Marston’s plc (MARS.L), a British brewery, pub and hotel operator.
Platinum said it noted Marston’s statement addressing press speculation on January 29, 2021 regarding a possible cash offer for the entire issued and to be issued share capital of Marston’s, and Marston’s subsequent rejection of the proposal on February 1, 2021.
On February 1, Marston’s said its board of directors has considered the proposal from Platinum Equity Advisors of 105 pence per Marston’s share with its advisers, and unanimously rejected the proposal as it “very significantly” undervalued the company.
Marston’s noted that the proposal followed two earlier proposals at 88 pence and 95 pence per share in December 2020, both of which were received prior to the Brains transaction, and were unanimously rejected by its board.
“The Proposal represents a 19% discount to the Company’s share price at the start of 2020, pre-COVID 19; and since that time the Company has completed the transformative 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,” Marston’s said at that time.
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