Currys has reportedly rejected a £700m takeover bid from US investment firm Elliott, claiming that the offer “significantly undervalued” its business.
The investment firm, which brought UK bookshop chain Waterstones in 2018, has a reputation as an “activist investor”, which means it purchases minority stakes in publicly traded companies and changes how they operate.
Currys said in a statement: “The board confirms that it received an unsolicited, preliminary and conditional proposal from Elliott regarding a possible cash offer.
“[We] considered the proposal, together with [our] financial advisers, and concluded that it significantly undervalued the company and its future prospects.”
ERT recently reported on the news that Currys is “in a healthy position” despite the tough market, despite seeing its UK and Ireland sales decrease by three per cent.
This follows reports from November 2023, when Currys sold its Greek business for £175m.
Over the past year, Currys shares have fallen by almost a third and on 16 February 2024 the business had a market value of an estimated £534m.
