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

(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.