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U.S. private equity firm walks away from buyout bid for pub operator Marston's

·1-min read
The spread of the coronavirus disease (COVID-19), in Burton-on-Trent

(Reuters) - U.S. private equity firm Platinum Equity Advisors said on Thursday it will not submit a revised takeover offer for British pub operator Marston's after its initial 666 million pound ($921.81 million) proposal was rejected for being too low.

In response, Marston's, the brewer of Pedigree, Hobgoblin and Lancaster Bomber beer, said it believes the company was well-placed to benefit from the opportunities in a post-coronavirus trading environment.

The industry has been reeling under COVID-19 restrictions, which have shut pubs across the country and essentially halted income for these companies.

Marston's shares, which had gained roughly a third in value since the proposal was announced last week, dropped 11% to 88.50 pence by 0809 GMT. Platinum Equity's proposed price-per-share offer was 105 pence.

(Reporting by Muvija M in Bengaluru; Editing by Devika Syamnath)