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If a takeover offer was tabled then the BoD would now have to be open to it based on the current price.
Karl
And there is the rub, MARS have been under 50p for about 10 months now, one would have thought private equity or hedge funds would have run the numbers which on the surface find that the stock price has been at least 50% discount to nav according to the accounts yet no one seems to have been interested in buying the company to asset strip which makes me wonder why not.
Clearly they can not bring themselves to believe the official nav.
I suspect the best takeover opportunity would be by a property company, they could buy marstons for circa £400m, and then convert all the pubs into housing and make ££££££££
considering the recent mass migrants into the UK dont drink alcohol, but the UK government are paying their private landlord mates tons of money to house them, it opens a massive opportunity here.
Marstons have 1,500 pubs in their estate.
So even at a cost of £300k each that equals £450m in property.
So a property company could buy Marstons for £500m, pay off the debts, convert the pubs into flats with government funds, and any larger properties they could knock down for blocks of flats.
The government will love this as it means less places people can go outside of their homes and helps with the elites plans to make everyone live in rented accommodation with VR headsets.
Property valuation, according to the company, is £2.1bn
And then there's this :
How much is Carlsberg Marston's worth?
carlsberg marston's brewing company limited Estimated Valuation. Pomanda estimates the enterprise value of CARLSBERG MARSTON'S BREWING COMPANY LIMITED at £495.9m based on a Turnover of £325.9m and 1.52x industry multiple (adjusted for size and gross margin).
Quite a few Pubs/Restaurants properties available atm, those with money have a choice ..
Whitbread to sell over half of its pub-restaurant portfolio
Mon, 19 Jun 2023 | BUSINESS SALE
Whitbread to sell over half of its pub-restaurant portfolio
Hospitality brand Whitbread is reportedly selling 250 of its pub-restaurants in the UK.
According to media reports, the company, which owns the Premier Inn and Beefeater restaurant brands is said to be selling sites that are either marginal or loss-making, and most of them are located near to a Premier Inn and together are estimated to have a value of £600m.
While The Times reported that Mitchells & Butlers (M&B), who owns of Harvester, Toby Carvery All Bar One and Brown's is the frontrunner in acquiring these sites, the bar group has responded to this speculation, telling The Caterer: "As a major player in hospitality we're regularly the subject of industry speculation. But that's all this is … speculation."
Mitchells & Butlers, runs over 1,700 pubs and restaurants across the UK and in 2006, it paid £497m for 239 Whitbread pub-restaurants. Then in 2008 44 of Whitbread’s pub-restaurants were exchanged for 21 of Mitchells & Butlers Express by Holiday Inn branded hotels in a straight asset swap.
Whitbread, which has 440 pub-restaurants in the UK and is said to be looking to sell to established pub operators such as Greene King, Heineken, Marston’s and Punch.
Marston’s also recently put 61 of its freehold pubs in England and Wales up for sale after a review of its estate. The portfolio of pubs up for sale includes a mix of leased, tenanted, retail and managed pubs and business property adviser and pub specialist Christie & Co were appointed to execute this sale.
Whitbread has said that the reason for the sale is to focus on its Premier Inn hotel estate and its annual report showed that despite a rise in hotel guests the group's restaurants were trading 4 per cent below pre-pandemic levels.
www.business-sale.com/news/business-sale/whitbread-to-sell-over-half-of-its-pubrestaurant-portfolio