Currys shares skid as Elliott Advisors backs away

By Steve Goldstein

Shares of U.K. electronics retailer Currys fell sharply Monday as the activist investor Elliott Advisors said it won't make a bid for the company after failing to get the board to engage.

Currys shares (UK:CURY) fell 10% to 58 pence.

Elliott had made two preliminary offers, first for 62 pence a share and a second for 67 pence, the latter which would value the company around GBP730 million ($938 million). China's JD.com (JD) said last month it's in the "very preliminary stages" of considering an offer.

Elliott said it decided not to make a bid after the company rejected multiple attempts to engage. The announcement bars any offer for six months unless the Currys board has a change of heart and does agree with Elliott on a bid, or another company makes an offer.

Currys said what it calls its peak trading period, the 10 weeks ending Jan. 6, saw comparable sales slide 3%, and that sales for the fiscal year as a whole fell 4%.

The stock traded as high as 486 pence in 2015.

-Steve Goldstein

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03-11-24 0433ET

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