A Currys Plc store on Oxford Street in central London, UK, on Monday, Feb. 19, 2024.
Bloomberg | Bloomberg | Getty Images
British electronics chain Currys experienced more rejection Friday with Chinese online retailer JD.com walking away from a takeover race for the firm, just days after Elliott Investment Management did the same.
In a brief statement Friday afternoon, JD.com said it would no longer pursue an offer for the Main Street brand, less than a month after entering the running.
“JD.com today confirms that, following careful consideration, it does not intend to make an offer for Currys,” it said.
Currys shares plunged more than 10% on the announcement, before paring losses slightly. The stock was trading down 4.4% by 2:50 p.m. London time.
Currys did not immediately respond to CNBC’s request for comment.
The electronics retailer, which operates more than 820 stores across eight countries, has become the subject of a possible takeover as it has struggled in the face of increased competition and depressed consumer spending.
Its share price has fallen gradually over recent years and is currently trading down around 60% since early 2021.
However, the company has so far been reluctant to engage with would-be buyers.
Elliott Investment Management said Monday it had decided not to make another takeover bid for Currys after repeatedly being rejected.
The U.S. investment firm, via its affiliate Elliott Advisors, said that following “multiple attempts to engage with Currys’ Board, all of which were rejected,” it was not making an improved offer for the U.K. company.
