We report crystal structure, electronic structure, and magnetism of manganese tetraboride, MnB 4 , synthesized under high-pressure, high-temperature conditions. In contrast to superconducting FeB 4 and metallic CrB 4 , which are both orthorhombic, MnB 4 features a monoclinic crystal structure. Its lower symmetry originates from a Peierls distortion of the Mn chains. This distortion nearly opens the gap at the Fermi level, but despite the strong dimerization and the proximity of MnB 4 to the insulating state, we find indications for a sizable paramagnetic effective moment of about 1.7 μ B /f.u., ferromagnetic spin correlations, and, even more surprisingly, a prominent electronic contribution to the specific heat. However, no magnetic order has been observed in standard thermodynamic measurements down to 2 K. Altogether, this renders MnB 4 a structurally simple but microscopically enigmatic material; we argue that its properties may be influenced by electronic correlations.