// THG boss Matt Moulding would accept a £3 billion offer for his business, according to City sources
// THG, which is listed on the London Stock Exchange, has rejected several takeover approaches, including a £2.07billion offer from Belerion Capital and King Street this week, which it believes “significantly undervalues” the business
THG boss Matt Moulding would accept an offer of £3 billion for his ecommerce business, which is currently being circled by property mogul Nick Candy and a throng of private equity firms.
Moulding this week rejected a bid from a private equity consortium made up of Belerion Capital and King Street on the basis that its £2.07billion bid “significantly undervalued” the business.
However, The Mail on Sunday reported that City sources have indicated that Moulding, who has a ‘golden share’ that allows him to veto any bid, would be prepared to take THG off the stock market for a £3 billion, or £2.50 per share bid.
THG, formerly known as The Hut Group, finished trading on Friday at £1.45 a share.
Property mogul Nick Candy revealed this week that he is mulling an offer for the etail group.
Candy Ventures said on Wednesday evening that it is in the “early stages” of a bid and that there was no guarantee that a formal approach would be made. It now has until 16 June to make a formal offer or to walk away.
READ MORE: THG boss Matt Moulding plans to grow capacity so it can handle £14bn of orders
Candy and the Belerion consortium are not the only parties interested in snapping up THG.
Last month Moulding revealed it “has received indicative proposals from numerous parties in recent weeks”, although he said the board had concluded that “each and every proposal to date has been unacceptable, failing to reflect the fair value of the group”.
THG floated in September 2020 at £5 a share, rising to more than £8 at the beginning of last year.
However, like many online businesses, its stock has been hammered since then and hit a low of 80p in March.
Moulding has sounded his annoyance at life on the stock market and admitted last year that it had “sucked from start to finish”, which many thought signaled his desire to take the firm private again.
It is understood that Moulding has made clear to potential bidders that he plans to stay on as chief executive if THG is taken private.
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