Currys rejects takeover offer from Waterstones owner
Elliott had offered 62p per share, while Currys stock was worth 47.08p when the markets closed last week (16 February)
Currys has confirmed it has received and rejected an “unsolicited, preliminary and conditional” proposal from Waterstones owner Elliott.
The rejection of said possible cash offer comes as Currys’ board and financial advisers believe the proposal “significantly undervalued the company and its future prospects”.
Elliott had offered 62p per share, while Currys stock was worth 47.08p when the markets closed last week (16 February).
The group now has until 16 March to make an offer for Currys under the City Code on Takeover and Mergers Code.
While Currys forecasts full-year profits to rise ahead of expectations, share prices at the electronics retailer have been on a downward trend for the past three years, with its value falling by more than a third over the last 12 months.
