Chinese ecommerce retailer JD.com has abandoned its plans to put in a formal bid to takeover Currys.
JD.com was in the preliminary stages of a potential bid in February and had until March 18 to make a formal offer.
In a statement to the London Stock Exchange, JD.com said: “Further to the announcement on February 19, 2024, that JD.com was in the very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys, JD.com today confirms that, following careful consideration, it does not intend to make an offer for Currys.”
Waterstones owner Elliott Advisors also abandoned plans for a bid earlier this week, after putting in two preliminary offers valued at 62p per share and 67p per share respectively.
Currys rejected both offers as it felt Elliott “significantly undervalued” the company.
In a statement on March 11, Elliott 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.”
There are currently no other companies pursuing a takeover of Currys.
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