THG confirms takeover proposal from Apollo, shares surge

THG surged on Monday after the e-commerce company confirmed it has received a highly preliminary and non-binding indicative takeover proposal from private equity firm Apollo Global Management.

Responding to recent press speculation, THG said in a brief statement that there can be no certainty that any firm offer will be made.

A further announcement will be made if and when appropriate, it added.

Under takeover rules, Apollo has until 15 May to either announce a firm intention to make an offer or walk away.

At 1050 BST, the shares were up 40% at 92.60p.