29th Jan 2021 12:11
(Alliance News) - Marston's PLC on Friday confirmed it has received a unsolicited non-binding proposal from US investment firm Platinum Equity Advisors LLC for a possible cash offer for Marston's entire issued share capital.
The Wolverhampton, England-based brewery, pub and hotel operator said it will evaluate Platinum Equity Advisors' offer and will make a further announcement in due course.
"There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any firm offer might be made," said Marston's.
According to UK takeover rules, Platinum Equity Advisors is required to either announce a firm intention to make an offer or walk away by February 26.
Earlier this month, Marston's said it has bank facility headroom of GBP176 million. It added that 97% of its staff have been furloughed and its weekly cash burn during lockdown is between GBP3 million and GBP4 million.
Shares in Marston's were up 16% at 86.86 pence in London on Friday.
By Zoe Wickens; [email protected]
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