Online beauty retailer THG, formerly often known as The Hut Group, has walked away from acquisition talks with private equity firm Apollo Global Management Inc., the corporate said in a press release Friday.
Shares of THG plunged 16.49 percent to 62.42 pence after the announcement was made.
Last month THG revealed that Apollo Global had made a preliminary bid. THG on the time described Apollo’s bid to accumulate the whole issued share capital of the retailer as “highly preliminary” and nonbinding.
Apollo had until Monday under U.K. takeover rules to make a firm offer or walk away, but THG Friday said that there was “not any merit” to further discussions with the private equity firm as its buyout proposal was based on “inadequate valuations.”
“Consideration and...
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