THG Shares Surge on Takeover Interest From Entrepreneur Candy

THG’s shares surged 27 percent in early trading on Friday after the e-commerce company rejected a takeover proposal from two investment groups and saw buyout interest from property tycoon Nick Candy.

THG had late on Thursday rebuffed a proposal of 170 pence per share from Belerion Capital and King Street Capital Management, saying it undervalued the company.

The approach was at a premium of about 46 percent to the last closing price of THG shares. The company’s stock closed at 116 pence on Thursday, giving it a valuation of £1.42 billion ($1.77 billion).

Meanwhile, Candy Ventures — the investment vehicle of British entrepreneur Candy — said on Thursday it was in the early stages of making a possible offer for THG.

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By Muhammed Husain; Editor: Aditya Soni

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THG Rejects ‘Numerous’ Approaches, Warns on Profit This Year

British e-commerce company THG said it had rejected “numerous” approaches that failed to reflect its value as it warned inflationary pressure would result in broadly flat earnings this year, missing market forecasts by 22 percent.

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