©Reuters. Curry’s stock slips as JD.com walks away from takeover talks
Shares of British electricity and telecoms retailer Currys (CURY) (CURYY) fell more than 6% on Friday after Chinese e-commerce company JD.com (NASDAQ:) said it would not bid for the society.
Speculation about a potential takeover of the London-listed retailer has been rife in recent weeks, with both JD.com and US investment firm Elliott Advisors confirming their interest.
However, after Elliott confirmed earlier this week that it would not bid for the company, JD.com decided to do the same.
On Monday, Elliott said that “following multiple attempts to engage with the Currys board, all of which were rejected, it is not in an informed position to make a better offer for Currys based on the public information available to it”. She then confirmed that she had no intention of bidding for Currys.
Meanwhile, JD.com said in a brief statement today that it is in the preliminary stages of evaluating a possible deal. However, “JD.com confirms today that, after careful consideration, it does not intend to make an offer for Currys.”