THG dismisses all recent takeover approaches, shares slide

THG said on Thursday that it had rejected an indicative, non-binding takeover proposal from Belerion Capital and King Street Management and that all the recent takeover approaches it has received have "significantly undervalued" the e-commerce group.

The company confirmed in April that it had received indicative proposals from numerous parties in recent months, while the approach from Belerion and King Street Capital was announced on 19 May.

"All recent approaches for THG have been unsolicited, and in the unanimous opinion of the board, were unacceptable and significantly undervalued the company," it said. "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."

THG said that while it is aware of current macro-economic challenges, it continues to perform well and in line with its own expectations.

At 0808 BST, the shares were down 14.5% at 89.66p.