A Currys Plc store on Oxford Street in central London, England, on Monday, February 19, 2024.
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British electronics chain Currys faced more rejections on Friday as Chinese online retailer JD.com pulled out of a bid to buy the company, just days after Elliott Investment Management made the same decision.
in short statement On Friday afternoon, JD.com said it would no longer seek bids for the Main Street brand, less than a month after entering the bidding process.
“JD.com confirmed today that after careful consideration, it does not plan to make an acquisition offer for Kerui,” JD.com said.
After the news was announced, Kerui’s stock price plummeted by more than 10%, and then recovered slightly. The stock was down 4.4% as of 2:50 p.m. London time.
Koulis did not immediately respond to CNBC’s request for comment.
The electronics retailer, which operates more than 820 stores in eight countries, has emerged as a potential takeover target as the company struggles amid rising competition and sluggish consumer spending.
Its share price has gradually declined in recent years and is currently down around 60% since the beginning of 2021.
However, the company has so far been reluctant to engage with potential buyers.
Elliott Investment Management said on Monday it had decided not to make another takeover bid for Currie after repeated rejections.
The U.S. investment firm, through its affiliate Elliott Advisors, said it had not made an improved offer to the British company after “multiple attempts to engage with Currie’s board were rebuffed” Quotation.
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