It was a case of three strikes and out for the private equity firm stalking Marston’s after it confirmed that it would not be sweetening its £690 million bid proposal for the pub company.

Platinum Equity Advisors said it was walking away after the Marston’s board unanimously dismissed the 105p-a-share offer, made after two earlier proposals in December worth 88p and 95p a share, arguing that it “very significantly” undervalued the business.

Marston’s shares tumbled by 14.25p, or 14.4 per cent, to 85p after Platinum issued a statement saying: “After careful consideration it does not intend to submit a revised proposal and it will not make a firm offer for Marston’s.”

Read more/Source: The Times