Powerscourt handles THG, the British online retailer of consumer brands, as it rejects a takeover offer from Apollo Global Management.
Apollo made its bid on April 17 and discussed the offer with THG’s board.
THG board members and shareholders representing a majority of the outstanding share rejected the offer based on its inadequate valuation and structure.
The company expects its revamped board and management team are poised to maximize shareholder value across its nutrition, beauty and ingenuity divisions.
Charles Allen, THG’s independent chairman said the board remains fully confident in THG's strategic direction and long-term prospects as an independent company.
Thanks to “THG’s strong balance sheet and category leading positions within substantial global end markets that continue to benefit from long-term structural growth, we have confidence in our ability to deliver long-term value for shareholders and remain on track to be cashflow positive in 2024” said Allen.
Powerscourt has Nick Dibden, Victoria Palmer and Nick Haynes working the THG business.