(Reuters) – British online retail platform THG Plc said on Friday it has terminated talks with Apollo Global Management, saying there was “no merit” in discussions after it rejected the private equity firm’s latest buyout proposal.
THG shares had surged more than 40% last month after it said it received a “highly preliminary” buyout proposal from Apollo Global Management, without disclosing terms of the plan.
Apollo had until May 15 to make a firm offer or walk away, but THG said it was not in its best interests to seek an extension to that deadline.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Nivedita Bhattacharjee)
