Billionaire property tycoon Nick Candy is reportedly considering making a purchase offer on the £1.4 billion online shopping group THG, which was formerly known as The Hut Group. THG has recently rejected numerous “unacceptable” takeover offers that undervalued the company.
With an estimated fortune of £1.5 billion, Candy has until 16 June to make a formal bid for THG or walk away under UK takeover rules.
In a statement to the London Stock Exchange on Thursday, the company said: “Candy Ventures confirms that it is in the very early stages of considering a possible offer for the entire issued and to be issued share capital of [THG].”
“There can be no certainty that any offer will be made, nor as to the terms of any such offer.”
Following the news, THG’s share price, which was down 4% at Thursday’s close, jumped as much as 27% in early trading on Friday.