THG rejects former chairman Iain McDonald’s takeover bid for MyProtein

• ‘Wholly unsolicited’ bid valued MyProtein at up to £600million 
• Early Boohoo investor McDonald stepped down from THG board last year   

By JANE DENTON

Updated: 08:46 BST, 23 April 2025

THG has rejected a ‘wholly unsolicited’ takeover bid for MyProtein launched by its former chairman that values the brand at up to £600million. 

The e-commerce retailer confirmed a bid from former chairman Iain McDonald’s Selkirk Group, which was launched to acquire ‘an undervalued company or business in the UK’ in the consumer, technology and digital media sectors.

THG told shareholders its board had unanimously rejected the bid proposal, which it described as ‘wholly unsolicited, largely unfunded, highly conditional and non-binding’.

THG claimed the bid proposal was largely made up of shares in the shell vehicle, which floated in November 2024. 

The proposed deal ascribed a headline value to MyProtein of £400million to £600million on a cash-free, debt-free basis. 

THG’s management said they felt the bid ‘fundamentally undervalued MyProtein and its prospects’ and carried ‘significant execution complexity and risks’.

THG also cast doubt on Selkirk’s ability to raise sufficient funding. 

In charge: Matthew Moulding is the boss of THG 

THG added: ‘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.’

THG, which is due to post a first-quarter update next week, said it has reduced debt and secured long-term banking facilities since selling spinning off its Ingenuity arm at the beginning of the year

THG said it was focused on ‘executing its growth and cash generation strategy’. 

Former THG chair McDonald – an early investor in ASOS who also sits on the board of boohoo, now rebranded to Debenhams Group – is the executive chair of Selkirk.

In March 2024, McDonald stepped down from the board of THG after 14 years, with THG founder Matt Moulding paying tribute to his ‘anchor’. 

Selkirk was formed in order to acquire ‘an undervalued company or business in the UK’ in the consumer, technology and digital media sectors. It has backing from Angus Monro, a former non-exec director at THG, and former Tesco boss Terry Leahy. 

THG shares rose 3.01 per cent or 0.88p to 29.92p on Wednesday, having fallen over 50 per cent in the last year.  

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THG rejects former chairman Iain McDonald’s takeover bid for MyProtein

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