Elliott Advisors said to have sweetened offer for Currys to £750m

27th Feb 2024 11:42

(Sharecast News) - Investment firm Elliott Advisors has reportedly returned with a second offer for electricals retailer Currys amid investor hopes of a rare bidding war for a London-listed company.

According to Sky News, the owner of Waterstones has tabled a marginally improved bid that insiders said was highly likely to be rebuffed by Currys' board.

City sources told Sky the revised proposal valued Currys at between 65p and 70p-a-share, compared with an initial 62p-a-share bid worth £700m.

One shareholder in Currys questioned Elliott's logic in submitting an offer of less than 70p after analysts and shareholders suggested that only a range of between 75p and 80 was likely to persuade the company to engage in discussions.

Elliott, which is known for its activist campaigns and investments in prominent assets such as AC Milan, the Serie A football club, has also acquired a string of retail businesses through its private equity investment team.

Chinese e-commerce giant JD.com announced last week that it was in the early stages of considering an offer.

The Takeover Panel has set a mid-March deadline for both Elliott and JD.com to lodge binding offers for the retailer or walk away.

At 1145 GMT, Currys shares were up 2.6% at 68.45p.