Currys has rejected a second takeover bid put forward by Waterstones owner Elliott, which it claimed once again “significantly undervalued the company”.
The bookshop owner submitted an improved offer of 67p-per-share on Tuesday, up from its initial 62p-a-share that valued the retailer at £700m.
The electricals retailer’s stock is currently valued at 66.40p. It said that the adjusted proposal from Elliott “substantially undervalued the company and its future prospects,” leading the board to “unanimously reject the offer”.
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Elliott now has until 16 March to make an offer for the electricals retailer under the City Code on Takeover and Mergers Code.
One of Currys largest shareholders told Sky News that the board should place a £800m price tag on the business and hold out for 75p-a-share “at a minimum” from Elliott.
The electricals retailer is also being courted by Chinese online shopping giant JD.com, which revealed it was in the early stages of considering an offer last week
News of the electricals retailer being in the centre of a possible bidding war sent its shares flying 36.4% to 64¼p last Tuesday.
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