A Chinese retailer has become the second foreign predator in a week to abandon plans to buy Currys.
Online giant JD.com said it would not make a formal bid for the High Street electricity retailer less than a month after expressing interest.
His decision to withdraw came days after Currys rejected a separate offer from US hedge fund Elliott Advisors.
The New York-based activist investor, owner of the Waterstones bookstore, withdrew from the race after being rejected “multiple times.”
With both suitors ending their interest, Currys shares fell 3.9 per cent, or 2.3 pence, to 56.6 pence and are down almost 20 per cent since the end of last month, when hopes of A bidding war was in full swing.
Walking away: With both suitors ending their interest, Currys shares fell 3.9 per cent, or 2.3p, to 56.6p and are down almost 20 per cent since the end of last month.
But the failure of JD.com and Elliott to reach a deal is the latest sign that British boards are taking a stand against foreign predators.
This week, Direct Line revealed it had rejected a second bid from Belgian insurance group Ageas.
Elliott initially proposed a bid valuing Currys at £700m, or 62p per share, and raised it to £757m, 67p per share.
But Currys rejected these approaches, saying they “significantly undervalued the company and its future prospects.” JD.com said his decision was made after “careful consideration.”
JO Hambro Capital Management, one of Currys’ top ten shareholders, said last week that the value of the deals demonstrated the “absurdity” of the UK stock market.
