US private equity firm bids for UK pub group Marston’s

A US private equity investment firm has submitted a takeover bid for pubs and brewing giant Marston’s.

The listed company said the move was an “unsolicited non-binding proposal” from Platinum Equity Advisors and regards a possible cash offer for the entire issued and to be issued share capital of the business.

Its existing portfolio includes the likes of Livingston, Mad Engine, Cision, Valpak and Clipper Windpower.

The move comes after Marston’s £780m joint venture with Carlsberg UK completed towards the end of 2020.

A statement issued to the London Stock Exchange said: “The board of Marston’s PLC notes the press speculation and confirms that it has today received an unsolicited non-binding proposal from Platinum Equity Advisors regarding a possible cash offer for the entire issued, and to be issued, share capital of Marston’s.

“The board will evaluate the proposal with its advisers and a further announcement will be made 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.”

Platinum is now required to either announce a firm intention to make an offer for the company or not by 5pm on Friday 26 February.

JP Morgan Cazenove is acting as financial adviser exclusively for Marston’s.

Source: Insider Media