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China's JD.com expressed interest in acquiring Britain's Currys, causing a surge in the retailer's shares. This move sets the stage for a potential bidding war following Currys' rejection of a rival £700 million bid.
JD.com's Interest Confirmed
According to Reuters, JD.com Inc, a prominent Chinese e-commerce group, confirmed its assessment of Currys on Monday. Meanwhile, U.S.-based investor Elliot Advisors is contemplating a higher offer.
Currys officially turned down Elliot's proposed cash offer of 62 pence per share, stating that it significantly underestimated the company. This rejection led to a remarkable 37% increase in Currys' shares at the market opening.
Shares Soar Amid Acquisition Talks
Currys, known for its range of electrical goods, witnessed a substantial 33% rise in its shares, reaching 62.3 pence. Reports suggest that JD.com representatives engaged in preliminary discussions with Currys.
JD.com, according to Market Screener, JD.com disclosed its early-stage evaluation of a potential transaction, including a cash offer for Currys' entire share capital. The retailer, which has struggled with profitability, operates mainly in the UK and Ireland.
Currys' shares plummeted by 54% over the last two years, reflecting its financial challenges despite operating in multiple regions. The company recently divested its Greek unit for £156 million.
Frasers Group's Stake and Outlook
A successful takeover bid would benefit Mike Ashley's Frasers Group, holding over 11% of the stake in Currys. Previously operating under different brands, the retailer now focuses on the Currys name.
Under UK takeover regulations, Elliot has until March 16 to present a formal offer for Currys or withdraw from bidding. Currys refrained from commenting on JD.com's statement, while Elliot Advisors remained silent.
The potential acquisition of Currys signifies a significant development in the retail sector, hinting at future ownership and market dynamics shifts. Observers await further updates on the unfolding takeover saga.
Photo: Currys Newsroom
