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Currys has rejected a second, higher offer from US hedge fund Elliot Advisors, as potential takeover bidders continue to hover at the electrical goods retailer.
The FTSE 250 firm told investors on Tuesday afternoon that it had rejected a 67p offer from Elliot on the grounds that the proposal “significantly undervalued” the company.
Elliot now has until 5pm on March 16 to announce his intentions and make another offer for Currys.
curry stocks were steady in afternoon trading on Tuesday at 66.7p.
The bidding war intensifies when Elliot makes a second higher offer
The group’s shares have been boosted by last week’s rejection of Elliot’s initial offer of 62 pence a share, which was quickly followed by speculation that Chinese retail giant JD.com was preparing to make an offer.
Amanda Thirsk, Prince Andrew’s former private secretary, is said to play a key role in JD.com’s potential bid for Currys.
Nasdaq- and Hong Kong-listed JD.com has not yet launched a takeover bid for Currys.
Founded in 2004, JD.com is one of China’s top two e-commerce retailers along with AliBaba-owned TMall, and reported nearly $150 billion in revenue last year.
Rival Elliott’s proposal would have represented a premium of around 30 per cent on Currys’ closing share price on Friday last week, but its latest offer is on par with Monday’s closing price.
Redwheel, Currys’ largest shareholder, has rejected a potential bid, particularly given Elliot’s current valuation.
Ian Lance, co-head of Redwheel’s UK value and income team, said the offering highlighted “a wider issue with the UK stock market no longer appearing to serve its core purpose of price discovery and efficient allocation.” of capital”.
Peel Hunt analysts believe Currys is unlikely to consider an offer below 80p per share.