Currys Takeover Bid Stalls as Elliott Advisors Withdraws

The future ownership of British electronics retailer Currys remains uncertain after US investment firm Elliott Advisors ended its takeover pursuit. The move follows Currys' board rejecting Elliott's bids, which valued the company at £757 million ($913 million).

According to a statement by Elliott, "multiple attempts to engage with Currys' Board" proved unsuccessful in reaching an agreement.  Currys maintained that the bids "significantly undervalued the company and its future prospects," hinting at a potential price tag closer to £1 billion ($1.2 billion) as suggested by some analysts.

While Elliott steps aside, Chinese e-commerce giant JD.com, which previously expressed interest, could still emerge as a suitor. Under UK takeover rules, JD.com has until March 18th to submit a formal offer or walk away.

This development comes amidst a backdrop of mixed fortunes for Currys. The company, which boasts over 800 stores worldwide and employs 28,000 people, has experienced declining sales. However, cost-cutting measures have led to a more positive profit forecast.

The withdrawal of Elliott's bid sent Currys' share price tumbling by 8%. Investors will be closely watching JD.com's next move as the future ownership of Currys hangs in the balance.