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May 20, 2022, 8:17 a.m. EDT

THG rejects £2.07 billion bid from Belerion Capital, King Street

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By Anthony O. Goriainoff

THG PLC said late Thursday that has it rejected a proposal from investment companies Belerion Capital Group Ltd. and King Street Capital Management, LP for 170 pence a share, which valued the deal at 2.07 billion pounds ($2.58 billion).

The U.K.-listed online retailer–known as the Hut Group–said this had been an unsolicited, highly preliminary and indicative nonbinding proposal, and that it undervalued the company and its future prospects.

The offer price represented a 46% premium to Thursday’s closing price of 116.45 pence.

Separately, Candy Ventures Sarl–a portfolio of companies funded by U.K. entrepreneur Nick Candy–said late Thursday that it is in the early stages of considering a possible offer for THG, and that there is no guarantee a formal approach would be made.

“There can be no certainty that any offer will be made, nor as to the terms of any such offer,” the company said.

THG said in April that it had received a number of takeover approaches from numerous parties and that the board had concluded that none were acceptable.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

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