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.

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.