Elliott Advisors abandons Currys takeover plans

In a statement published today on the London Stock Exchange, Elliott said the decision was made after several failed attempts to engage with the retailer’s board.

In a statement it said: “Elliott Advisors (UK) Limited, acting on behalf of the funds it advises confirms that, 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 therefore confirms it does not intend to make an offer for Currys.”

Elliott’s first bid for the electricals retailer, which valued the business at £700m, was “unanimously rejected” because it “significantly undervalued” the company.

Currys also rejected a second takeover proposal from the Waterstones owner, which upped its offer from 62p per share to 67p per share.

At the time, Currys said the second offer also “significantly undervalued the company and its future prospects”.

JD.com also emerged as a potential bidder last month. It has until March 18, 2024, to make a formal offer for Currys or abandon any potential deal.