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JD.com (NASDAQ:JD), a China-based e-commerce giant, has decided not to pursue the acquisition of Currys, a London-based electronics and appliance retailer, according to a Friday report from Reuters.
The move comes just days after Elliott Investment Management, a US investment group, decided not to do so also pursue the purchase of the company. Last month, Currys rejected Elliot’s offer of around $884 million was too low.
Last month it was believed that JD.com and Elliot may engage in a bidding war for Currys, which has retail outlets in the UK and Scandinavia. However, “after careful consideration,” JD.com decided not to bid, according to the report.
JD.com was rooting for 2% during afternoon trading on Friday.
Currys has struggled to grow over the past two years as consumers reduce spending. However, in its latest business forecast, consumer confidence is expected to improve in the future.
“We have had a successful peak trading period, with customers being happier than ever, and with profits and cash flow,” Currys CEO Alex Baldock said in January. “Our markets may not be getting any easier, but we now expect full-year profits to be above consensus expectations.”
Currys has around 800 stores. It is in the process of selling its operations in Greece to reduce debt and fund its pension plan.