Currys tanks as China's JD.com says it won't make an offer

15th Mar 2024 14:04

(Sharecast News) - Currys slumped on Friday as it said Chinese ecommerce giant JD.com does not plan to make an offer for the London-listed electricals retailer.

In a brief statement, the company said: "Further to the announcement on 19 February 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."

At 1405 GMT, Currys shares were down 10.4% at 52.75p.

The news comes just days after US private equity firm Elliott Advisors said it was abandoning its pursuit of Currys after "multiple attempts" to discuss an offer were rebuffed.

"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 on Monday.

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