Platinum Equity Advisors today announced its intention to pull out of its bid to buy British brewer and pub chain owner Marston’s.
Marston’s, which runs around 1,400 pubs, rejected a £690m takeover offer from the US private equity firm last month, claiming that the bid undervalued the company.
The British Hobgoblin brewer has seen shares rise and fall intermittently throughout negotiations with Platinum, but the California-based firm will not make a revised offer.
The Marston’s board still believes the company will thrive in a post-Covid world.
“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 said in a statement.
“We welcome the continued nationwide rollout of the vaccine programme and look forward to rebuilding trading momentum once restrictions are lifted.”