British retailer Currys drops 10% after U.S. investment firm Elliott pulls out of takeover race

Elliott Investment Management said Monday it had decided not to make a takeover bid for British electrical retailer Currys after repeatedly being rejected.

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Mar 11, 2024 - 21:04
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British retailer Currys drops 10% after U.S. investment firm Elliott pulls out of takeover race

A Currys Plc store on Oxford Street in central London, UK, on Monday, Feb. 19, 2024.

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LONDON — Elliott Investment Management said Monday it had decided not to make another takeover bid for British electrical retailer Currys after repeatedly being rejected.

Shares of Currys were down 10% in early deals Monday after the news.

The U.S. investment firm, via its affiliate Elliott Advisors, said Monday that following "multiple attempts to engage with Currys' Board, all of which were rejected," it was not making an improved offer for the U.K. company.

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Elliott added that it did not have enough information to make an informed bid. The move clears the way for Chinese online retailer JD.com which joined the takeover race earlier this year.

Elliott made two approaches for Currys including a £757 million ($973 million) proposal at the end of February. That bid reportedly priced shares at 67 British pence.

Currys shares closed at 64.5 pence on Friday but tanked to trade around 57 pence on Monday morning.

A spokesperson for Currys said the company would not be commenting on the announcement.

Correction: The headline of this story has been updated to correct the spelling of U.S. investment firm Elliott.