UK online retailer THG shares tumble 17% as buyout talks end

Rejection of takeover comes against backdrop of new data indicating Britain's economy was stagnant in the first quarter

The breakdown in talks with Apollo Global Management is just the latest setback THG has suffered since 2020

British online retailer THG have ended talks with Apollo Global Management, saying there was "no merit" in further discussions after it rejected the private equity firm's buyout proposal based on "inadequate valuations". The shares closed 17% lower on Friday. 

Apollo, in a separate statement, said it no longer planned to make an offer for the British company, which owns beauty and nutrition e-commerce websites as well as an online platform serving third-party brands.