Two investment firms have shelved their bids to acquire British e-commerce retailer THG after the retailer announced it had rejected recent takeover bids.

According to the Financial Times (FT), a consortium led by Belerion Capital and King Street Capital Management abandoned their intention to acquire THG.

Last month, they made an unsolicited offer of £1.70 for each share, or approximately £2bn ($2.4bn) in total, for THG.

Investment group Candy Ventures also said that it will not proceed with its bid for the retailer.

The FT reported these two parties will not be able to make new bids for THG for six months unless another party tables a new proposal.

In a stock exchange filing, THG said that it had received multiple unsolicited takeover proposals in recent months.

The company’s board of directors rejected the bids as they were deemed to ‘significantly undervalue’ the company.

In a statement, THG said: “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 appropriate to provide due diligence access to any of these parties.”

The retailer claimed that the company is performing in line with its own expectations despite macro-economic challenges.

Based in Manchester, THG sells its own beauty and nutrition products, as well as third-party brands.

It operates through THG Ingenuity, THG Beauty, THG Nutrition, THG OnDemand and other businesses.

In April this year, THG reported group revenue of £2.2bn for the fiscal year 2021 (FY21), representing a 38.1% jump from the previous year.

The company’s international sales accounted for 58% of its total group revenue while its US revenue constituted more than 19%, following its acquisition of skincare and beauty marketplace Dermstore.