Takeover talks between THG and US private equity firm Apollo have ended.
The Manchester-headquartered online retail and technology group said the proposal undervalued it.
THG, which owns the likes of Lookfantastic and Myprotein, said here was "no longer any merit in continuing to engage with Apollo".
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It added: "Consideration and rejection of the indicative proposal has been on a basis consistent with all previous offers for the company, some a matter of public record, which were also rejected based upon inadequate valuations and the nature of those offer structures."
THG chairman Lord Charles Allen said: "THG's board, in accordance with its fiduciary obligations and as demonstrated with its recent engagement with Apollo, will always give due consideration to all potential options which provide the opportunity to maximise value to THG's shareholders.
"The board remains fully confident in THG's strategic direction and long-term prospects as an independent company.
"As stated in our recent results, with a 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."
Shares in THG fell by almost 20% in early trading following the announcement.
They had risen to a recent high of 117p off the back of the takeover talks being announced but have been dropping since the start of May and are now at 60p.
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