11th Feb 2021 09:35
(Alliance News) -Â Platinum Equity Advisors LLC on Thursday said it does not intend to submit a revised takeover bid for Marston's PLC.
Marston's shares were down 12% at 87.13 pence in London on Thursday. The stock has fallen 16% over the past 12 months.
At the start of the month, pub operator Marston's said it had rejected Platinum's unsolicited 105 pence-per-share takeover approach.
Platinum on Thursday said that, after "careful consideration", it does not intend to submit a revised proposal and it will not make a firm offer for Marston's.
Marston's noted the release from Platinum, and said the board continues to believe the company is well-placed to benefit from opportunities in a post-pandemic trading environment.
"Marston's has a strengthened balance sheet following the creation of the synergistic joint venture with Carlsberg and significant cash headroom, enabling it to continue to absorb the impact of the temporary Government restrictions," the company added.
Marston's said it welcomes the continued nationwide vaccine roll-out and looks forward to "rebuilding trading momentum" once restrictions are lifted.
By Lucy Heming;Â [email protected]
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