British online retail platform THG Plc ended talks with Apollo Global Management on Friday, saying there was 'no merit' in further discussions after it rejected the private equity firm's buyout proposal based on 'inadequate valuations'.
on Friday, saying there was "no merit" in further discussions after it rejected the private equity firm's buyout proposal based on "inadequate valuations".
After a bumper $7 billion London IPO in 2020, THG has had several setbacks including profit warnings that have weighed heavily on its shares and led to several takeover approaches, all of which have beenShares in the company, which have lost 85% of their value since the initial public offering , tumbled 20% in early deals.
Apollo had until May 15 under UK takeover rules to make a firm offer or walk away, but THG said it was not in its best interests to seek an extension to that deadline.
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