Waterstones owner pulls out of Currys takeover battle
The owner of Waterstones has pulled out of a bidding war for electronics retailer Currys, weeks after submitting a bid worth £750m.
Elliott Advisors said 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. As a result, the activist investment firm has stated it does not intent to make an offer for the retailer.
Chinese e-commerce group JD.com had joined Elliott Advisors in a potential battle to takeover the stock market-listed retailer. The group confirmed it was in the preliminary stages of evaluating a possible cash offer for the entire share capital of Currys.
Under the code of the London Stock Exchange, both Elliott Advisors and JD.com had been set a mid-March deadline to submit a formal offer, with the latter yet to confirm whether it will submit a final bid for the retailer.