Olivia Rodrigo had a surprise for fans at a dive bar in Manchester, U.K., on Sunday night.
16.06.2022 - 11:29 / manchestereveningnews.co.uk
A £2.07bn bid to takeover online retail and software giant THG has been abandoned by the two investment companies behind it.
Belerion Capital and King Street Capital Management have confirmed they will not make a formal offer for the Manchester-headquartered group.
The decision comes after they first revealed the unsolicited offer of 170p per share last month.
READ MORE: The top team leading Matthew Moulding's online retail and software giant THG
Under the London Stock Exchange's rules, the companies had to state by June 16 whether an offer will be made or not. However, Belerion Capital and King Street Capital Management still have the right to make or participate in an offer for THG within the next six months.
Belerion’s co-founder and chief investment officer Iain McDonald is a non-executive director of THG, formerly known as The Hut Group.
Property tycoon Nick Candy, who is weighing up making an offer to buy THG in a deal worth £1.4bn, has not yet made a formal announcement on whether he will make an offer or not.
A THG statement said: "As confirmed in the company's preliminary FY 2021 results and Q1 2022 trading update on 21 April 2022, THG has received indicative proposals from numerous parties in recent months.
"Furthermore, as announced on 19 May 2022, an indicative non-binding proposal from a consortium led by Belerion Capital Group Limited and King Street Capital Management, L.P., had been rejected by the board of THG.
"All recent approaches for THG have been unsolicited, and in the unanimous opinion of the board, were unacceptable and significantly undervalued the company.
"After consulting with THG's major shareholders and taking advice from the company's advisors, the board has not considered it
Olivia Rodrigo had a surprise for fans at a dive bar in Manchester, U.K., on Sunday night.
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