Black Country brewery Marston’s has confirmed a US private equity investor has tabled a bid to buy the company.
In an update to the stock exchange today, the Wolverhampton-based firm said it had received an unsolicited proposal from Platinum Equity Advisors regarding a possible cash offer for its entire share capital.
It said its board would now evaluate the proposal and a further announcement would be made in due course.
Platinum Equity Advisors has until 5pm on February 26 to announce a firm intention to make an offer or withdraw.
All of Marston’s 1,368 pubs remain shut to customers due to the national coronavirus lockdown.
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Earlier this month, the group said it posted £54 million in revenues for the three months to January, sliding dramatically from £1.17 billion in the same period a year earlier due to the pandemic.
It said it was nevertheless focused on its strategic development and would use £233 million collected from a joint venture with Carlsberg UK to reduce debts.
Last year, it merged its brewing operations with Carlsberg UK to create a £780 million joint venture, in which it now retains a 40 per cent stake.
In December, Marston’s agreed a deal to take over the running of around 150 pubs in Wales from Brains in a deal which saved up to 1,300 jobs which is due to come into effect during February.
In October, the brewery announced plans to cut 2,150 jobs across its pubs due to the impact of the virus.