// THG says it has rejected all recent takeover approaches it received, as they “significantly undervalued” the ecommerce group
// The London-listed company said it continued to perform well and in line with its own expectations
THG says it will not proceed with any of the recent approaches for the online firm which were “unacceptable and significantly undervalued the company”.
In a statement, it said all approaches had been unsolicited and “after consulting with THG’s major shareholders and taking advice from the Company’s advisors, the Board has not considered it appropriate to provide due diligence access to any of these parties,”
It continued, “the board has determined that it is not appropriate to seek an extension to the deadline set out in the company’s announcement dated 19 May 2022.”
The Manchester-based group said last month that Belerion Capital and King Street Capital Management had made an “unsolicited, highly preliminary and indicative non-binding proposal” of 170p a share, or around £2bn, which was rejected by the board.
“While THG is clearly aware of the macro-economic challenges, the company continues to perform well, and in line with its own expectations,” it said.
Last month it emerged that Candy Ventures, an investment group controlled by property tycoon Nick Candy, is also subject to the June 16 deadline.
At the time it said it was “in the early stages of considering a bid” for THG but did not respond to requests for comment.
Source link >