THG has rejected an offer made by Selkirk for its Myprotein business, saying that it was “wholly unsolicited, largely unfunded, highly conditional and non-binding”. The offer valued Myprotein at between £4m – £600m on a cash-free, debt-free basis and was made in newly issued Selkirk shares.
THG’s board said in a statement to the stock market today: “The Board considered that the proposal fundamentally undervalued Myprotein and its prospects, and in addition carried significant execution complexity and risks, in particular the ability of Selkirk to raise sufficient funding. On this basis, the Proposal was unequivocally rejected by the Board. THG confirms that there has been no further engagement with Selkirk since the Proposal was rejected.”
Selkirk was established as a cash shell in October 2024 by former THG director Iain McDonald.
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