Mon 1st Feb 2021 - Marston’s rejects 105p per share offer from US private equity firm, reveals two previous bids received Marston’s rejects 105p per share offer from US private equity firm, reveals two previous bids received: Marston's has rejected an offer of 105p per share from Platinum Equity Advisors – and revealed it had received two previous offers from the US private equity firm. Marston's stated: “Further to the announcement on Friday (29 January) that the board of Marston's had received an unsolicited non-binding proposal from Platinum Equity Advisors for the entire issued, and to be issued, share capital of Marston's, the company provides the following update. The board with its advisers, has unanimously rejected the proposal 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 the company's share price at the start of 2020, pre-covid 19; and since that time the company 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 company 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. In accordance with rule 2.6(a) of the code, Platinum, is required, by no later than 5pm on Friday, 26 February 2021, being 28 days after Friday's announcement, to either announce a firm intention to make an offer for the company in accordance with rule 2.7 of the code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which rule 2.8 of the code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with rule 2.6(c) of the code. This announcement has been made by Marston's without the prior agreement or approval of Platinum.”