Two investment firms are set to abandon their pursuit of ecommerce retailer THG, presenting a fresh setback for the company’s investors.
The Manchester-based group said last month that Belerion Capital and King Street Capital Management had made an “unsolicited, highly preliminary and indicative non-binding proposal” of 170p a share, or around £2bn.
The overture was rejected as inadequate but making it public set the clock ticking on a “put up or shut up” deadline of June 16 under UK takeover rules.
A person familiar with the approach said a formal statement confirming withdrawal was likely on Thursday. The parties may not then make a further approach for six months, unless another party tables a bid.
Belerion is already a shareholder in the group and Iain McDonald, its chief investment officer, has been a non-executive director since 2010. Belerion and King Street both declined to comment, as did THG.
Their intention to abandon their pursuit was first reported by Bloomberg News. Sourch: Financial Time
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