By Andrea Figueras

U.K. e-commerce company THG said it rejected a proposal from acquisition vehicle Selkirk to buy Myprotein for up to $800 million, saying it undervalued the label and its prospects.

The Hut Group said Wednesday that the bid valued Myprotein at between 400 million and 600 million pounds ($533.2 million-$799.8 million) on a cash-free, debt-free basis.

The majority of the consideration was in the form of newly issued London-listed Selkirk shares, while the remainder would have been payable in cash from a new equity and debt issuance. This was largely unfunded and without appropriate detail on its source, THG said.

THG said the proposal carried significant complexity and risks, in particular the ability of Selkirk to raise sufficient funding. There has been no further engagement with Selkirk since the proposal was rejected, it said.

Selkirk, which is chaired by former THG nonexecutive director Iain McDonald, didn't immediately respond to a request for comment.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

April 23, 2025 03:28 ET (07:28 GMT)

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