US fund walks away from £757m takeover bid for retailer Currys

The chain has 820 stores across the world, including 23 in Ireland.

US investor Elliott Advisors does not intend to make an offer for Currys, saying the board of the British electricals retailer would not engage with it. The chain has 820 stores across the world, including 23 in Ireland, north and south.

Shares in Currys, which last month rejected an improved £757m (€887m) proposal from Elliott, closed  5% lower in the London trading session. China-based online giant JD.com has also said it is considering an offer.

"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 said. "Elliott therefore confirms it does not intend to make an offer for Currys," it said.

JD.com is keen on Currys' store and warehouse network to help it expand in the UK and rest of Europe and counter weak demand in China. It has not made any statement since February 19 when it confirmed it was in the early stages of evaluating a deal. It has until March 18 to make a firm offer or walk away under UK takeover rules.

Analysts at Peel Hunt have said they believe it would take an offer of over 80 pence per share for Currys' board to engage. While Currys, which sells fridges, washing machines, computers and other electrical equipment in Britain, Ireland, Sweden, Norway, Denmark and Finland, has struggled to grow over the last two years due to the squeeze on consumer spending, the company argues that its prospects are bright.

In January, it forecast annual profit ahead of market expectations as it benefited from improving consumer confidence and a better performance in the Nordics.

 Reuters