Elliott Advisors has decided not to pursue a takeover of Currys after its two previous bids were rejected by the electricals retailer.
The investment firm said after “multiple attempts” to engage with the retailer’s board, it would now relinquish plans to buy Currys.
The update comes after the retail giant turned down a £700m bid from Elliott Advisors last month on the grounds that it undervalued the business.
Currys also rejected a second £750m takeover from the activist investor a few days later.
Stakeholders in the electricals business have since said they want a minimum of £1bn for the group.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The investment management firm said: “Following multiple attempts to engage with Currys’ board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it.
“Elliott therefore confirms it does not intend to make an offer for Currys.”
Last week, the electricals retailer completed the sale of its Greek business Kotsovolos to electricity supplier Public Power Corporation (PPC) following regulatory approval.
Click here to sign up to Retail Gazette‘s free daily email newsletter
