Consumer finance company Thorn Group has knocked back an offer for its business finance division but says it is open to further discussions with the bidder.The company announced yesterday that it would not proceed with the sale of Thorn Business Finance to finance broker Consolidated Operations Group, which offered A$82 million for the business.It said the offer price was subject to a number of adjustments, "some of which are likely to be material, including an application towards the purchase price of a substantial minimum cash balance requited to be held by Thorn Business Finance."It said it was open to "further evaluating and continuing a discussion with COG to better understand the terms of its proposal."The Thorn Group board started a strategic review of the business in April, in the wake of a string of regulatory and legal problems and weaker business performance.Earlier this month it agreed to pay A$25 million to settle a class action over a claim that its "Rent Try $1 Buy" promotion was misleading and deceptive.In some good news for the company, it also announced yesterday that it had completed the institutional component of an entitlement offer, raising $15.4 million. A retail component, which is expected to raise an additional $23.3 million, will open on September 23.