// THG receives highly preliminary approach from private equity giant Apollo
// Apollo has until May 15 to confirm whether or not it will make an offer for the firm under takeover rules
THG shares surged over 40% after it confirmed it has received a very preliminary takeover approach from Apollo.
The online retail group, which was responding to press speculation said it had received a “highly preliminary and non-binding indicative proposal” from the private equity giant
THG said that there was no certainty that any firm offer will be made and a further announcement will be made “if and when appropriate”.
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Apollo has until May 15 to confirm whether or not it will make an offer for the firm under takeover rules.
THG has had a chequered history since its stock market debut back in 2020 with shares down more than 80% since its flotation – prior to this week’s bid approach.
Last year, the business rejected several takeover proposals last year, which founder and chief executive Matt Moulding said had all been “unacceptable” and had failed “to reflect the fair value of the group”.
Last week Moulding said he ‘wouldn’t recommend’ listing on the London Stock Exchange.