Elliott Investment Management, the US activist hedge fund firm founded by Paul Singer, has withdrawn its unsolicited offer to acquire Currys after the UK-based electrical and electronics retailer rejected two bids.
The report cites Elliott as saying in a statement issued on Monday that it is “not in an informed position to make an improved offer for Currys on the basis of the public information available to it. Elliott therefore confirms it does not intend to make an offer for Currys.”
Elliot’s second offer to acquire the business at 67p per share valued Currys at around £756m and represented a 32% premium on the company’s valuation immediately prior to the initial bid.
The bid, which was unanimously rejected by the Curry’s board also drew criticism from some of the retailer’s larger investors including J0 Hambro, who claimed that annual sales of £9.5bn made the company worth far more than the offer.
