By Michael SusinBeijing-based online marketplace JD.com said it won't make a takeover offer for Currys, just a few days after Elliott Advisors (UK) also walked away from a potential bid war for the U.K. electronics retailer. The news prompted Currys's shares to initially drop more than 10% to 51.05 pence but they later recovered to 56.0 pence at 1438 GMT. JD.com said Friday that it doesn't intend to make an offer for Currys, without disclosing further details. The decision comes after Elliott Advisors said Monday that it wouldn't make any offer, adding that Currys rejected multiple attempts to negotiate. Currys's board unanimously rejected both Elliott offers, as it considered that the proposal significantly undervalued the company and its future prospects.

Source: Wall Street Journal March 16, 2024 03:26 UTC