Currys rejects takeover approach from US investment firm
Currys has rejected an unsolicited takeover approach by the Elliott Advisors US investment firm.
The electricals retailer said the offer valued its business at around £700 million.
In a statement, Currys said: “The board of Currys confirms that it received an unsolicited, preliminary and conditional proposal from Elliott regarding a possible cash offer for the entire issued and to be issued share capital of the company at 62 pence per share.
“The board of Currys considered the proposal, together with its financial advisers, and concluded that it significantly undervalued the company and its future prospects. Accordingly, on 16 February 2024, the board of Currys unanimously rejected the proposal.”
Elliott owns bookseller Waterstones and also has a controlling stake in the Wasabi restaurant chain.
Last month, Currys announced that its UK and Ireland revenue declined by 3% in the 10 weeks to 6 January, while sales in its Nordics and Greece regions fell by 2% and 4% respectively. The retailer said strong trading in the mobile category in the UK and Ireland was offset by weaker sales in TV and computing.
Currys operates online and through 815 stores in eight countries.
