UK-based electrical retailer Currys has turned down a takeover proposal from investment group Elliott Advisors for a second time.
Elliott raised its offer to 67p per share from its first offer of 62p per share, which values the company at £700m ($882m).
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On 26 February 2024, the Currys board along with its financial advisers considered Elliott’s second proposal and concluded that it still did not reflect the true value and potential of the company.
The offer was therefore unanimously rejected in the same way as the first.
There is no guarantee that Elliott will make a further firm offer, nor are the terms of any potential offer known.
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According to the takeover code, Elliott has until 16 March 2024 to either announce a definitive intention to make an offer or to state that it will not pursue the acquisition, at which point the announcement will be subject to Rule 2.8 of the code.
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By GlobalDataIn a recent trading update for the ten weeks ending 6 January 2024, Currys reported a 3% decline in UK and Ireland peak like-for-like revenue.
The company, which operates an omnichannel retail model, has 815 stores across eight countries and employs 28,000.
In a strategic move in November 2023, Currys agreed to sell its Greek division to the Public Power Corporation, marking a significant shift in its business operations.
