JD.com walks away from Currys takeover bid
Chinese ecommerce group JD.com will not make an offer for Currys, effectively signalling an end to a bidding war for the electronics retailer.
In February, the group confirmed that it was in the preliminary stages of evaluating a possible cash offer for the entire share capital of the retailer, joining investment firm Elliott Advisors in a potential takeover battle.
On Friday, however, the group declared that it does not intent to make an offer for Currys.
On Monday, Elliott Advisors – which also owns Waterstones – pulled out of the bidding war for the retailer just weeks after submitting a bid worth £750m.
In January, Currys said that sales had declined 3% over the key Christmas period, but had increased its profit forecast for the year due to higher cost-saving measures and profit margins.