THG deal looks sweeter to Candy

Nick Candy could become the frontrunner to buy THG, as investment firms abandon their approaches. Last month, Belerion Capital and King Street Capital Management set the clock ticking on a put up or shut up deadline of 16 June. THG said the investment firms had made an “unsolicited, highly preliminary and indicative non-binding proposal” of 170p a share, or around £2bn, which had been rejected. A person familiar with the approach said a formal statement confirming withdrawal was likely on Thursday. The parties may not then make a further approach for six months, unless another party tables a bid. Candy Ventures, the investment group controlled by property tycoon Nick Candy, is also subject to the 16 June deadline. It said in May it was “in the early stages of considering a bid” for THG. Candy usually invests in small companies quoted on London’s junior stock market and few analysts expected it to make a firm bid for THG, which is capitalised at £1.28bn. The FT (£)