Further to the announcement that pub and brewery giant, Marston’s PLC had received a bid from Platinum Equity Advisors, LLC, the company can confirmed that the Board has rejected the proposal.
The Board considered the offer of 105 pence per Marston’s share with its advisers, and unanimously rejected it on the basis that it very significantly undervalues Marston’s. 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 the Board.
The proposal represents a 19% discount to Marston’s share price at the start of 2020, pre-COVID 19; and since that time the group 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 ompany 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.