LONDON (Reuters – British ecommerce company THG faced a fierce bid war on Thursday. They rejected two offers from investment firms and learned that Nick Candy, a local entrepreneur was looking to make a bid.

Since its flotation in 2020, the platform for nutrition, beauty, and ecommerce has experienced a wild ride. Its shares fell 80% due to increasing costs and slowing earnings growth.

Matthew Moulding, Chief Executive stated in April that he rejected numerous bids after hinting in an interview that he might take THG private as floating the company had “sucked” from “start to finish”. He didn’t give details.

THG stated on Thursday that it rejected the third unsolicited, high-preliminary and indicative non binding proposal from Belerion Capital Management of 170 pence each share. According to THG, the proposal did not reflect the company’s true value.

THG shares were closed at 116 pence. The business was valued at 1.42 Billion Pounds ($1.78 Billion).

Candy Ventures, Candy’s investment vehicle said it was at the beginning stages of making an offer for THG. Candy Ventures had until June 16 to decide whether it would make a firm or informal bid.

Nick Candy, along with his brother Christian Candy, is a luxury real estate developer. He has also made investments in several companies.

($1 = 0.7995 pounds)