Activist US hedge fund firm Elliott Investment Management has had a second improved offer to acquire Currys rejected by the board of the UK electrical and electronics retailer, amid rumoured interest from other potential suitors, according to a report by ThisIsMoney.
The FTSE 250 firm informed investors on Tuesday afternoon that a 67p-per-share bid, which represented a premium of about 30% on Currys’ closing share price on Friday last week, had been turned down on the basis that it ‘significantly undervalued’ the firm.
Elliott now has until 5pm on 16 March to announce its intentions and make another improved offer for Currys having had an initial offer of 62p per share rejected last week.
That offer buoyed Currys shares and Elliot’s latest offer was on a par with the company’s current stock price, with shares trading at 66.7p in afternoon trading on Tuesday.
Other reported potential bidders for the business include Chinese retail giant JD.com which is listed on the Nasdaq and Hong Kong, but has not yet launched a formal takeover approach.
