May 19, 2022

THG rejects £2bn bid as Candy weighs up online retailer

THG has rejected a £2.07bn bid from two investment companies, as a venture capital firm controlled by property tycoon Nick Candy also said it was exploring an offer for the beauty and nutrition online retailer. THG has been hit by a string of setbacks since its initial public offering in 2020, with its share price tumbling from a peak of almost 800p to 116p. The company, which sells nutrition and beauty products online and markets its technology and logistics expertise to consumer goods groups and other retailers, has been the subject of persistent bid speculation over the past year. Iain McDonald, Belerion's co-founder and chief investment officer, is a THG non-executive director. At the time of its full-year results in April, THG said that it had received several "Unacceptable" proposals from undisclosed entities but was not currently in talks with any bidder. Any bid would have to secure the backing of founder and chief executive Matthew Moulding, who owns a special share that allows him to veto any hostile offer.

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