The board of Marston’s has unanimously rejected a proposal of 105 pence per share, from Platinum Equity Advisors, stating that it “very significantly undervalues” the business.

The pub operator confirmed reports, on Friday (29 January) that it had received an unsolicited non-binding proposal from Platinum for the entire issued, and to be issued, share capital of Marston’s.

The most recent proposal of 105 pence per share follows two earlier proposals, at 88 pence and 95 pence per share in December, both of which were received prior to the acquisition of brewer Brain’s 156 pubs, which was also unanimously rejected by the board at the time.

It represents a 19% discount to the company’s share price at the start of 2020, pre-Covid 19. Since Marston’s has completed a 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, said the business. While the Brain’s deal is also expected to be accretive to earnings in the first full year of trading.