THG rejects takeover proposal for Myprotein

Health and beauty group THG has confirmed that it has rejected a bid for its Myprotein business from acquisition vehicle Selkirk Group.

With the proposal ascribing a headline value to Myprotein of £400 million to £600 million on a cash-free, debt-free basis, THG described it as “wholly unsolicited, largely unfunded, highly conditional and non-binding”. 

THG said: “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 Group was established in 2024 by former THG director Iain McDonald.

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