Chinese shopping giant JD pulls out of Currys takeover race
Chinese online shopping giant JD.com has pulled out of the race to acquire Currys, just one week after another potential suitor bowed out.
In a statement today the firm said on JD.com: “Today confirms that, following careful consideration, it does not intend to make an offer for Currys.”
The retailer was the last remaining party said to be eying a takeover of the electrical business after Elliot Advisors closed the lid on a multi-million swoop for the chain.
The activist investor made two separate bids for the chain, but they were both shot down on the grounds that it undervalued the business.
Last week the firm said that after “multiple attempts to engage with Currys’ board” it will now abandon plans to take over the business.
Last month, Currys shut down a £700m takeover from Elliott on the grounds it undervalued this business.
That was followed a few days later by a second bid from the hedge fund worth around £750m, which was also rejected.
Stakeholders in the British computer and household goods seller have since come out to say they want at least £1bn for the group.
Currently, no other groups are known to be interested in the business.