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Platinum can make a hostile bid ( going over the head of the BOD) and coming straight to shareholders. It is risky for Platinum, however they will have done due diligence and lobbied major holders to establish whether an offer would be generally accepted. This has some way to run yet. When did the BOD advise of the earlier approaches?
So it would be nice to see an rns from marstons confirming they have made an offer, not just press talk etc.confirming
Hi Adeg,
Are you 100% sure shareholders get to vote if a formal bid is put forward even if management reject the offer?
Thanks
They have made an offer to the board, which they have rejected, however they now need to make a firm offer to shareholders by the end of February. We then get to vote on it, however it is unlikely to succeed without a management recommendation.
If Platinum are really serious they should start to build a shareholding in the company, as far as I am aware they are allowed to buy from the market at any price below the offer price.
I don't think we have seen any real response letter / reply to any offers being made apart from the standard , this offer undervalues the company.
All / most companies say this but maybe they should say thanks for your offer but we the board think £1.50 is more the true value and we can talk, but theywant to keep their very well paid jobs for themselves.. Still maybe we will get an rns from the bod's today with more info.
Hope I am wrong but, 3 strikes and you're out so perhaps today a flurry of "sells" dropping the price back to 70's. Isle of Man already out of lockdown and pubs open! Only a matter of time before the UK start to open up.
This so called offer of £1.05, is it an offer or not was it ever a firm offer or was it just a number they were talking about.
How can any bod's put forward an offer if it's not a firm offer on paper.
It does look like Platinum have already made 3 very quick almost offers to find out the lay of the land but it doesn't mean they will come back with £1.20 + this week. Or does it?
Good morning all,
The share price on 29 Jan '20, 12 months prior to the non-binding offer, was 105.4p which is very close to the actual offer of 105p.
Is this just a coincidence?
It should be quite interesting because I have no idea which way the share price will move today.
It will drop if the market thinks there is little chance of a deal but the opposite will happen if they think Platinum will return with another offer.
Good luck!
I was on target with my “guess-timate “ ! 1.05
They are chancing their arm knowing full well
a recovery is just around the corner ..
GLA
Revolution bars seem to be city centre affairs as I recall, Marstons are much better distributed post-Covid. Israel is already seeing very positive effects from vaccination and we’re not far behind.
Platinum’s lowball bids might have been mistimed, either they come up with a much better bid or the market will rise taking away the big margin they want.
chubbybrown
agree.
£1.25 this is over £125 pre dividend most years,maybe as high as 137p sometime ago?
its just time and this business will be back to its usual.
Revolution bars to me resemble pitcher and piano bars in attraction to youth.
52 Week Low 18.40
52 Week Low Date 17-Mar-2020
North of £1.05 for certain.
Timing is everything, and I think Platinum has missed their chance with the lowball offer.
Over 150 would be a good start the partnership with Carlsberg was a good deal and should make the business model stronger time will tell.
Hi Barnet,
I concur with your sentiments.
I think Platinum will walk away after 3 failed bids because Marstons appear immovable from their current position.
Only time will tell if this proves to be the correct choice...
Good luck all.
bp 22 p was march 13 i guess lol
Mars is quite a different kettle of fish to revolution bars for sure. 105 will not be considered a good bid 115 could with added sweatners maybe.
I should add the 52 week low here is 18p. 105p is a huge premium.
I think 1.05 is reasonable. 1.25p should be accepted. My worry is that if the Board reject anything and everything then the bidder will walk away and the price will crash to 50p. Revolution Bars turned down £2...now 20p. Intu turned down 13 billion pounds and ended up bankrupt. Countrywide...the Board tried to do a silly deal and turn down a bidder. Fortunately the bidder pushed higher.
This is always the issue. Directors often say no because they are on a nice earner and dont want to give that up. Directors here should be negotiating and involving shareholders and walk away if they dont want to..
There has been a number of half baked offers made for companies over the last 6 months where offering companies might make an offer somewhere about a price of , and many never get any further.
If this is the third offer ie 88p then 95p now £1.05p are they just finding out the lay of the land, some make an offer then ask to see the books and have 3 months to conclude.
So will this £1.09 or more become an offer and have they asked to see the books, it's all a bit iffy.
Has the market woken up to the £1.05p offer or might it never happen, and what does the MARS bod's say is a good price?
Marstons is Pedigree the offer of 105 will not brew well with many large holders for sure.
Pmoran, well we all have our boundaries I guess though not sure what yours are, lol. The only reason I mentioned that I am an ethical investor- fully aware not everyone is- is because some posters were discussing the question of acquisitions and assuming that buyouts are always about asset stripping. I don't think they are.
On the situation Marston's are in I must admit I didn't expect such a low ball offer. I agree with the board. It's derisory. For all the reasons they have stated. £1.50 would be a steal. £1.05 is cheeky as hell. Hope they don't get it for that. Bit shocked actually. Hopefully they will up their game. The market seems to have responded with resilience so far.
Tricky - a most admirable stance regards ethical investing but personally I look for growth and dividend from my investments and leave it to someone else to regulate what’s legal or acceptable. I decided many years ago that at least you knew upfront that a bookies sole objective was to take your money off you so what makes Barclays or Lloyd’s more ethical than William hill or Ladbrokes? I am happy to invest in pubs or alcohol producers even though if their product is abused it can cause ill health and even death but I am also happy to invest in tobacco producers whose product if used as directed is pretty much guaranteed to cause I’ll health and even death. I’m not sure if my investments in big pharma is enough to offset my investments in alcohol land tobacco any more than I think my investment in green energy offsets my holding oil and airlines. Even Unilever has had its issues and my investment in associated British food effectively includes the fast fashion retailer primark along with British sugar who to my knowledge are the biggest producer of cannabis in Europe! Trying to find shares that will stand a chance of giving me growth and dividend is hard enough, trying to find one that does it ethically would be a nightmare.
That said I do give to charities, try to be generally a nice person, have no issues with vegans or environmentalists (as long as they aren’t lying in the road stopping me getting where I am going) and like I said admire anyone who can make ethical investing work for them.
If this platinum lot make a formal offer over £1.05 and it’s put to the vote I’m pretty sure I’d be a no. If I’m honest I think the board can get us to £1.00+ fairly rapidly once we are out of lockdown but it’s only once we are out of lockdown that we will feel to true extent of business failures and the associated unemployment and we already know we will need to pay for the govt support/borrowings so it’s possible that there may be additional taxes on alcohol or other taxes that affect the disposable income of our customers. So if they came in at say £1.30 I might be tempted to take my jam today.
Hi All,
To state my position, I would accept £1.05 for my holding because it's a decent premium and I like to bank gains.
Questions for people in the know:
1) Why would Platinum, a P/E firm, buy on the open market if they cannot be guaranteed to own 100% of the issued share capital?
2) What viable options do Platinum have if management refuse to accept their offer given the fragmented nature of the shareholdings as evidence by the 8.3 RNS'?
Thanks all