Shares in British e-commerce retailer THG PLC fell 19% on Thursday after both Belerion Capital Group Ltd. and Candy Ventures Sarl said that they didn’t plan to make offers for the London-listed online retailer.
at were down 19.67 pence at 85.18 pence Thursday morning, marking its largest one-day percentage fall since last October.
Neither Belerion nor Candy gave any explanation for their decisions. They both had until 1600 GMT Thursday to either make formal offers for THG or walk away under U.K. Takeover panel rules.
Earlier Thursday, THG — known as The Hut Group — said that recent takeover approaches undervalued the company, and it therefore hadn’t provided the parties due diligence access after consultation with its major shareholders.
Last month, THG said that it had rejected a 2.07 billion pound ($2.52 billion) proposal from a consortium led by Belerion Capital Group Ltd. and King Street Capital Management, LP.
The company said that it is “clearly aware” of the macroeconomic challenges, and continues to perform well and in line with the board’s expectations.
Write to Ian Walker at email@example.com