Shares in retail group THG fell by 13% on Thursday morning after Belerion Capital Group said it no longer planned to make an offer for the firm.
THG said: “All recent approaches for THG have been unsolicited and, in the unanimous opinion of the board, were unacceptable and significantly undervalued the company.
“After consulting with THG’s major shareholders and taking advice from the company’s advisers, the board has not considered it appropriate to provide due diligence access to any of these parties.”
The Times reported Candy Ventures, an investment vehicle controlled by Nick Candy, the property developer, said that it was in the “very early stages of considering a possible offer” in May, prompting THG to disclose minutes later that it had rejected a bid from a consortium fronted by Belerion Capital which was foundered by Iain McDonald, an early backer of THG and a non-executive director of the company.
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