Marston’s has rejected a takeover bid from Platinum Equity Advisers, made on Friday, and revealed that it had received two previous bids from the US company.
The board rejected the latest proposal on the basis that, at 105p per share, it “significantly undervalues Marston’s”.
The rejected two previous offers, of 88p then 95p per share, in December, prior to the transaction involving SA Brains’ pubs.
In a statement, Marston’s said: “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.
“In December 2020 the company also announced an agreement to operate 156 high-quality pubs within the SA Brain estate in South and West Wales, in a transaction which is expected to be accretive to earnings in the first full year of trading.”
Platimun is required, by no later than 5pm on 26th February, to either announce a firm intention to make an offer for Marston’s, or drop its pursuit of the company.
