Elliott pulls out of Currys bidding

Hedge fund Elliott Advisors has pulled out of the bidding for electrical retailer Currys. The firm, which first approached the chain last month with a bid valuing it at £680m, said this morning that following multiple attempts to engage with Currys’ board it had decided not to make an offer for the business. Despite increasing its offer to around £750m a few days after its initial offer, Elliott was rejected again. Elliott said it was “not in an informed position to make an improved offer for Currys on the basis of the public information available to it” and therefore confirmed it would not be making a new bid for the company. Currys, which has more than 800 stores in eight countries around the world, is understood to want closer to £1bn for the business. Image © Currys