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Shares in Currys PLC slumped on Monday after Elliott Advisors UK said it does not intend to make a bid for the London-based consumer electronics retailer. Shares in Currys fell 9.3% to 58.50 pence in London on Monday morning. In February, Elliott Advisors, a US private equity firm, made an increased takeover proposal worth around £750 million or 67p per share. It had previously made a 62p per share bid. But on Monday, Elliott Advisors changed tack after Currys spurned several approaches. ‘Following multiple attempts to engage with Currys’ board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it,’ Elliott Advisors commented. Currys had previously stated it felt the 67p offer ‘significantly undervalued the company and its future prospects,’ adding that the board unanimously rejected it. Elliott already has a presence in the UK retail sector. It owns bookseller Waterstones. Under City rules, it can’t make another bid for Currys for six months unless certain circumstances change. These include if a third party makes a bid for Currys. In February, JD.com Inc, the Chinese e-commerce company, said it was mulling an acquisition of Currys, but as of yet, no proposal has been disclosed. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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