1. News
June 17, 2022

Two potential buyers end pursuit of e-commerce retailer THG

THG’s board of directors rejected recent takeover bids on the grounds they 'significantly undervalued' the company.

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

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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.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.