Currys stock falls as takeover bid abandoned
Shares in UK electronics retailer Currys fell nearly 9% on Monday morning after US investment firm Elliott Advisors said it has walked away from making a takeover bid for the company.
(AI Video Summary)
Currys
Currys, a popular retailer, has recently faced a setback in its stock performance. This decline was triggered by the decision of Elliott Advisors, an investment firm from the United States, to withdraw its takeover bid for the company. This takeover bid had been previously rejected by Currys board. As a result, the stock price has fallen by 8.41%.
Initially, Elliott Advisors had offered to buy Currys for £700 million, but they later increased their bid to £757 million. However, the board of Currys still believed that this price undervalued the company. Consequently, Elliott Advisors decided to step away from the bidding process, explaining that they lacked the necessary information to make a higher offer.
JD.com
Another interesting development that influenced Currys stock was when JD.com, a Chinese e-commerce giant, expressed interest in making a bid for the company. This news had a positive impact on Currys stock price, leading to an increase. Despite this initial excitement, no official bid has been made by JD.com, and there have been no further updates about their potential offer. As a result, Currys stock is currently experiencing a decline of nearly 9%.
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