Investors are working on a Currys Plc acquisition, including Chinese ecommerce company JD.com and personal equity investor group Elliott Management.
Currys is No. 23 within the Europe Database, Digital Commerce 360’s rating of the most important online retailers within the region. It sells fridges, washing machines, computers and other electrical goods. Currys operates 301 stores in the UK and 426 stores across Scandinavia through its Elkjop brand.
Elliott’s offer for Currys
Currys said that it had rejected a suggestion from Elliott, which owns book store chain Waterstones.
“The board confirms that it received an unsolicited, preliminary and conditional proposal from Elliott regarding a possible money offer for your entire issued and to be issued share capital of the Company,” Currys said in a Feb. 19 statement.
Currys said its board considered the proposal but concluded that it “significantly undervalued” Currys “and its future prospects.” It said it unanimously rejected the proposal on Feb. 16. The offer would have valued the retailer at 700 million kilos (about $833 million). Currys was valued at 533 million kilos at trading close on Feb. 16.
JD.com looks into Currys acquisition
Along with Elliott, JD.com said it’s considering making a suggestion for Currys.
JD.com said it was “within the very preliminary stages of evaluating a possible transaction which will include a money offer for your entire issued share capital of Currys.”
There isn’t a certainty that JD will make a suggestion, and an extra announcement might be made if and when appropriate, JD said. Each JD and Elliott have until mid-March to announce firm intentions to make a suggestion for Currys, in accordance with United Kingdom rules for corporate takeovers.
JD.com Inc. is No. 1 within the Asia Database, Digital Commerce 360’s rating of the most important online retailers within the region.
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