Currys has rejected a second takeover proposal from US investment firm Elliott Advisors because its increased offer still undervalues the company.

Elliott upped its offer for the electricals retailer from 62p per share to 67p per share but the Currys board rejected the second proposal on the basis that it “significantly undervalued the company and its future prospects”.

The investment firm, which owns Waterstones, has until March 16 to make a formal offer for Currys under UK takeover rules.

In a statement to the markets, Currys said: “The board of Currys notes the recent media speculation and confirms it has received a further preliminary and conditional proposal from Elliott Advisors (UK) Limited regarding a possible cash offer for the entire issued and to be issued share capital of the company at 67 pence per share.

“This follows the prior unsolicited proposal from Elliott at 62 pence per share, which was unanimously rejected by the board of Currys on the basis that it significantly undervalued the company and its future prospects.”

“There can be no certainty that an offer will be made for Currys nor as to the terms on which any offer might be made.”