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THG Soars as It Rejects £2.1 Billion Bid, Draws New Interest

  • Proposal from Belerion and King Street rejected by THG
  • Entrepreneur Nick Candy considering a possible offer
Nick Candy

Nick Candy

Photographer: Chris Ratcliffe/Bloomberg
Updated on

THG Plc stock soared after the embattled online shopping emporium rejected a 2.1 billion-pound ($2.6 billion) offer and drew interest from acquisitive entrepreneur Nick Candy. 

The Manchester-based business rebuffed a proposal of 170 pence a share from UK e-commerce investor Belerion and US hedge fund King Street Capital Management, saying it significantly undervalued the company. Its rejection late on Thursday came just minutes after Candy, a property developer-turned-technology investor, announced he was mulling a bid for a company that has endured a dramatic decline in its share price since floating in 2020.