Currys remains the UK’s largest electronics retailer with over 300 stores and 15,000 employees. Credit: William Barton via Shutterstock.

Currys, the UK’s leading electronics retailer, has seen a potential takeover bid fall through after US investment company Elliott Advisors withdrew its interest.

Elliott had made two offers for Currys, both of which were rejected by the company’s board.

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The initial offer valued Currys at £700m ($898.9m), and a subsequent bid raised the valuation to £757m. However, Currys maintained that these offers significantly undervalued the company and its future prospects.

According to Reuters, analysts believe that for the Currys board to seriously consider a takeover offer, it would need to be in the range of 80p per share or higher. 

Currys’ share price has been on a multiyear decline and the recent cost-of-living crisis has put further pressure on consumer electronics spending.

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Despite these challenges, Currys argues that its business outlook is positive, citing improved performance in its Nordic markets and exceeding annual profit expectations.

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While Elliott has exited the bidding process, JD.com remains a potential suitor. The Chinese e-commerce giant expressed interest in Currys last month and is currently evaluating a possible bid. 

Under UK takeover rules, JD.com has until 18 March 2024 to make a formal offer or walk away from the deal.

The news of Elliott’s withdrawal reportedly led to a drop in Currys’ share price by approximately 10% in early trading. 

Currys remains the UK’s largest electronics retailer with more than 300 stores and 15,000 employees.

The company is undergoing a strategic shift towards higher-margin services such as repairs and maintenance to counter the challenging retail environment.

This failed takeover attempt is part of a larger trend in the UK.

The number of unsuccessful bids for UK-listed companies has more than doubled in recent years, with boards rejecting offers seen as opportunistic in a depressed stock market.