THG ends takeover talks with Apollo claiming offer lacks ‘merit’

Matt Moulding, The Hut Group

Source: Peter Searle

THG has terminated all discussions about a possible takeover with private equity firm Apollo Global Management, claiming there was “no longer any merit in continuing to engage”.

The online group had earlier announced that it had received “a highly preliminary and non-binding indicative proposal” for a buyout from Apollo and had given the firm until May 15 to make an offer under the rules of the board.

THG said in a statement: “Consideration and rejection of the indicative proposal has been on a basis consistent with all previous offers for the company, some a matter of public record, which were also rejected based upon inadequate valuations and the nature of those offer structures.”

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