THG’s shares surged 27 percent in early trading on Friday after the e-commerce company rejected a takeover proposal from two investment groups and saw buyout interest from property tycoon Nick Candy.

THG had late on Thursday rebuffed a proposal of 170 pence per share from Belerion Capital and King Street Capital Management, saying it undervalued the company.

The approach was at a premium of about 46 percent to the last closing price of THG shares. The company’s stock closed at 116 pence on Thursday, giving it a valuation of £1.42 billion ($1.77 billion).

Meanwhile, Candy Ventures — the investment vehicle of British entrepreneur Candy — said on Thursday it was in the early stages of making a possible offer for THG.

By Muhammed Husain; Editor: Aditya Soni

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