Retail tycoon Mike Ashley could be set to play a pivotal role in the Currys bidding war after buying up shares last year.
Ashley’s Frasers Group took a stake in the electricals retailer last June when it went on a stock-shopping spree.
According to The Times, Frasers declared it had bought a 8.9% stake in Currys, before increasing its holding to 9.4%. It’s understood Frasers’ stake in the retailer is now around 11%.
According to the report, this could allow Ashley to play the role of kingmaker in a bidding war as any potential buyers may have to win him over to secure more than 25% approval from shareholders.
It’s understood hedge fund Redwheel could be another crucial player after becoming Currys’ largest shareholder with a stake of 15%.
Frasers is thought to have acquired the Currys shares from Odey Asset Management before its holdings were liquidated.
Ashley’s son-in-law and Frasers CEO Michael Murray is said to have discussed possible commercial deals with Currys CEO Alex Baldock and to be weighing up the opening of concessions for Frasers-backed gaming retailer Game.
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