Electricals chain Currys confirmed it has rejected a higher takeover approach from US suitor Elliott Advisors, valuing the retailer at close to £750 million.
Currys said Elliott returned with a second proposed offer worth 67p a share, up from its initial 62p a share approach on February 19, which was rejected by Currys as being too low. The retailer said its board had also rebuffed the second proposal, claiming it “significantly undervalued the company and its future prospects”.
Elliott has until March 16 at 5pm to make a firm offer for Currys or walk away under City Takeover Panel rules. Elliott took control of bookseller Waterstones in 2018, buying a majority stake from Russian billionaire Alexander Mamut who rescued the chain from near-collapse in 2011.
Earlier this month it was revealed that Currys was also being eyed up by Chinese retail giant JD.com over a possible deal to buy the business. At the time JD.com said it was "in the very preliminary stages" of evaluating a deal which could include an offer for the entire share capital of Currys.
JD.com is China's biggest online retailer, with a marketplace-style shop that sells everything from electronics and furniture to food and household essentials. The company stressed at the time that there is no certainty that an offer would be forthcoming.
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Currys struck a deal last year to sell its Greek and Cypriot arm for 200 million euro (£171 million), as it focuses on its larger UK and Ireland business, and looks to turn around its loss-making Nordics division. Currys said it was expecting to make an adjusted pre-tax profit of up to £115 million this year, higher than previous expectations, after making cost savings across the group.
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