The online group had earlier announced that it had received “a highly preliminary and non-binding indicative proposal” for a buyout from Apollo and had given the firm until May 15 to make an offer under the rules of the board.

THG said in a statement: “Consideration and rejection of the indicative proposal has been on a basis consistent with all previous offers for the company, some a matter of public record, which were also rejected based upon inadequate valuations and the nature of those offer structures.”