Currys has rejected another offer from the US investor looking to takeover the brand amid talks of a China-based online group preparing an offer.

Elliott Advisors - whish also owns Waterstones - came in with a second bid of 67p a share, totaling £757m, and up from their previous bid of 62p a share. Some brokers are suggesting it would take at least 80p a share for the company's board to engage.

The retailer said the improved bid "significantly undervalued the company and its future prospects" in a statement.

Meanwhile, reports continue to surface about interest from Chinese company, though since confirming it was in the early stages of evaluating a deal for Currys on February 19, the Chinese group has remained silent.

Last month, forecasted annual profits at the electrical goods retailer remained above expectations thanks to improved consumer confidence and a boost in its Nordic business, however growth remains an issue due to the cost of living crisis.

Bidders have a deadline of March 16 to make a concrete offer to Currys, or walk away.

FTSE 100

The UK's flagship share index, the FTSE 100, was down 20-points, at 7,662 shortly after opening this morning.

Brent crude oil futures was down 0.44% today, trading at $82.30 a barrel.

Companies reporting today

  • Aston Martin Lagonda - Full Year Results
  • Bluefield Solar Income Fund - Half Year Results
  • Derwent London - Full Year Results
  • Primary Health Properties - Full Year Results
  • Reckitt Benckiser - Full Year Results
  • Renewables Infrastructure Group - Full Year Results
  • RHI Magnesita - Full Year Results
  • St James's Place - Full Year Results
  • Taylor Wimpey - Full Year Results

More like this…

View all