THG PLC (LSE:THG) said it still has not received an acceptable takeover offer, despite “numerous parties” making unsolicited bids in recent months.
The online retailer, better known at The Hut Group, said all of them have been “unacceptable and significantly undervalued the company” and it has not deemed any of the offers were a level sufficient to warrant giving access to its books to conduct due diligence.
One of the few that has been named, an indicative bid from a consortium led by Belerion Capital Group and King Street Capital Management, was rejected by the board last month.
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With today representing the put-up-or-shut-up deadline set on 19 May, Belerion said in a separate statement this morning that it now does not intend to make an offer for THG.
The deadline also applied to Candy Ventures, the investment vehicle of Nick Candy, the property tycoon married to actress Holly Valance, who also recently failed in a bid to buy Chelsea Football Club and revealed he was interested in THG.
THG said its board has determined that it is not appropriate to seek an extension to the deadline.
Shares in THG, which were floated at 500p in January last year and quickly rose to around 800p, have fallen 86% over the subsequent year and a half, precipitated by a disastrous capital markets day last year.