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JD.com gave up its bid for Curry’s in the UK, and US investor Elliott Advisors also withdrew, causing Curry’s share price to fall. JD.com originally planned to use Curry’s store and warehouse network to expand into the UK and Europe, but has now decided not to acquire it.
Elliott rejected an offer of 62p per share. Curry’s shares closed at 58.9p on Thursday, giving it a market capitalization of A$1.63 billion. Analysts at Peel Hunt said an offer of more than 80p per share would be needed to attract Curry’s board.
Curry’s sells home appliances in multiple countries, and although sales growth has struggled over the past two years, the company is optimistic about the future. They announced the sale of their Greek business, which is expected to earn A$360 million in proceeds.
(Source: ChannelNews Image source: Freepik)
