Property tycoon, Nick Candy, is eyeing up a bid for Manchester online shopping group, THG.
It comes as the THG board released a statement this morning, to say that it had “unanimously rejected” an unsolicited advance from the Belerion Consortium, made up of Belerion Capital Group Limited and King Street Capital Management, L.P.
The 170p per share bid would have valued the company at around £2bn, which the board stated was a “significant” undervaluation.
In a separate update, THG stated Candy Ventures was “in the very early stages of considering a possible offer for the entire issued and to be issued share capital of the Company.”
Candy Ventures is owned by Nick Candy, who’s recently been linked with a bid for Chelsea FC.
THG stated:
“There can be no certainty that any offer will be made, nor as to the terms of any such offer.”
Both the Belerion Consortium and Candy Ventures have 2 choices, to announce a firm intention to make an offer, or announce that they will not be making one. They have until 5pm on 16th June to make a decision.
In April, Matthew Moulding [pictured], the CEO of THG said that the group had already rejected a number of proposals.
“The Board has concluded that each and every proposal to date has been unacceptable, failing to reflect the fair value of the Group, and confirms that THG is not currently in receipt of any approaches,” he stated at the time.
In its full year figures, THG had revenues of £2.2bn and adjusted EBITDA of £161m.
