Platinum announces it does not intend to make an offer for Marston's

Platinum Equity Advisors has announced that it does not intend to make an offer for pub company Marston's.

Marston's rejected an unsolicited takeover bid from the US-based private equity firm earlier this month, saying it "significantly undervalues" the business.

The board unanimously rejected the proposal of 105p per Marston's share following two earlier proposals at 88p and 95p per share in December, both of which were received prior to Marston's deal to take over the running of 156 Brains pubs in Wales, and were also unanimously rejected.

A statement from Marston's said it was "well placed to benefit from the opportunities in a post-Covid-19 trading environment", that it had a "strengthened balance sheet" following its joint venture with Carlsberg, allowing it to absorb the impact of government restrictions, and that it "looks forward to rebuilding trading momentum once restrictions are lifted".

The joint venture with Carlsberg last year valued Marston's at £580m. The group runs six breweries and 1,400 pubs and bars across the UK, including the Pitcher & Piano and Revere brands.