THG plc, the Manchester e-commerce, beauty and nutrition giant, confirmed late on Thursday that it “received a third unsolicited, highly preliminary and indicative non-binding” takeover proposal of £1.70 per share worth £2.07 billion from Belerion Capital Group Limited and King Street Capital Management, L.P.

“The board of THG considered the proposal, together with its financial and legal advisers, and concluded that it significantly undervalued the company and its future prospects, and accordingly unanimously rejected the proposal,” said THG in a stock exchange statement.

“There can be no certainty that any firm offer will be made, nor as to the terms of any such offer.”

Belerion Capital’s co-founder and chief investment officer Iain McDonald is a THG non-executive director.

THG went public at £5 a share in September 2020 and the stock rose to around £8.

However, THG shares have since fallen to around £1.16 — giving the firm a stock market value of about £1.4 billion — following a disastrous presentation to investors last October and concerns over the company’s structure, transparency and governance.

Also late on Thursday, a Luxembourg-based venture capital firm controlled by property tycoon Nick Candy also said it was exploring an offer for THG.

Candy Ventures said in a stock exchange statement: “Following the recent press speculation regarding THG plc, Candy Ventures Sarl 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 the company.

“There can be no certainty that any offer will be made, nor as to the terms of any such offer.”