British electrical goods retailer Currys has declined a takeover proposal from US investment group Elliott.
The unsolicited, preliminary and conditional proposal, valued at £700m ($882m) or 62p per share, was dismissed as it "significantly undervalued" the company and its prospects.
Elliott, known for owning Waterstones and holding a majority stake in Wasabi, offered a 32% premium over Currys' latest share price.
Currys' market value stood at £533m at the close of trading on the London stock market on Friday 16 February 2024.
In an official statement, Currys said: “The board of Currys considered the proposal, together with its financial advisers, and concluded that it significantly undervalued the company and its future prospects.
“Accordingly on 16 February 2024, the board of Currys unanimously rejected the proposal. There can be no certainty that an offer will be made for Currys nor as to the terms on which any offer might be made.”
Currys is an omnichannel retailer of technology products and services, operating through 815 stores in eight countries and online.
The company trades as Currys in the UK and Ireland and under the brand names Elkjøp in the Nordic countries and Kotsovolos in Greece.
For the ten weeks ending 6 January 2024, Currys reported a 3% decline in like-for-like revenue.
In the UK, the retailer employs 15,000 people and operates 300 stores, the Guardian has reported.
In November 2023, Currys entered an agreement to divest Dixons South East Europe, the holding company of its retail business in Greece and Cyprus, to energy company the Public Power Corporation.
