The share price of online retail and software giant THG fell to a record low after two potential buyers walked away.
Shares in the Manchester-headquartered company closed at 74.4p, 29% down on its opening price.
THG's share price is now at its lowest since it floated on the London Stock Exchange in 2020.
READ MORE: AJ Bell co-founder to step down as CEO as successor named
The fall came after two investment companies behind a potential £2.07bn takeover bid of THG confirmed they will not make a formal offer for the company.
Belerion Capital and King Street Capital Management made the announcement after they first revealed the unsolicited offer of 170p per share last month.
Belerion’s co-founder and chief investment officer Iain McDonald is a non-executive director of THG.
It was later confirmed that Nick Candy, the property tycoon who was recently involved in a bid to buy Chelsea FC, had also pulled out of a move to takeover THG.
Most Read
Candy Ventures first revealed it was weighing up a £1.4bn move for the Manchester-headquartered online retail and software giant last month.
Under the London Stock Exchange's rules, both sets of potential buyers had to state by June 16 whether an offer will be made or not.
They still have the right to make or participate in an offer for THG within the next six months.
In a statement issued earlier this morning, THG said: "As confirmed in the company's preliminary FY 2021 results and Q1 2022 trading update on 21 April 2022, THG has received indicative proposals from numerous parties in recent months.
"Furthermore, as announced on 19 May 2022, an indicative non-binding proposal from a consortium led by Belerion Capital Group Limited and King Street Capital Management, L.P., had been rejected by the board of THG.
"All recent approaches for THG have been unsolicited, and in the unanimous opinion of the board, were unacceptable and significantly undervalued the company.
"After consulting with THG's major shareholders and taking advice from the company's advisors, the board has not considered it appropriate to provide due diligence access to any of these parties.
Don’t miss
"In accordance with Rule 2.6(c) of the code, the board has determined that it is not appropriate to seek an extension to the deadline set out in the company's announcement dated 19 May 2022.
"While THG is clearly aware of the macro-economic challenges, the company continues to perform well, and in line with its own expectations."