CURRYS TAKEOVER BATTLE LOOMS – Chinese e-commerce group JD.com wants £800m for electricals retailer Currys
Currys could be at the centre of a takeover battle after the Chinese e-commerce group JD.com said it was considering an offer for the company.
The potential bid emerged after Currys said at the weekend it had rejected a £700m takeover approach from US investment firm Elliott.
JD.com said it was “in the very preliminary stages” of evaluating a possible bid for the retailer.
Currys’ share price jumped by more than 30% as trading began on Monday.
The retailer has more than 800 stores globally and employs 28,000 people. In the UK, it operates about 300 stores with 15,000 staff.
On Saturday, Currys said it had turned down a takeover approach from Elliot of 62p per share, which would have valued it at about £700m, saying the offer “significantly undervalued” the company.
Currys’ share price has fallen by more than a third over the past year and on Friday, it closed at 47.08p, valuing the business at about £534m.
