Currys rejects £700m takeover approach from US firm Elliott

Electrical goods retailer Currys has rejected a takeover approach from US investment firm Elliott. Currys, which operates more than 800 stores globally and employs 28,000 people, said the offer valued the business at about £700m. But the proposal "Significantly undervalued" the company, Currys said. Elliott has said it is now considering whether or not to make a formal offer for Currys, and under UK takeover regulations it has until 16 March to decide. Shares in Currys have fallen by more than a third over the past year and on Friday they closed at 47.08p, valuing the business at about £534m. In a statement, Currys said that its board had considered the "Unsolicited" proposal from Elliot and "Concluded that it significantly undervalued the company and its future prospects". As well as the Currys stores in the UK and Ireland, the business trades under the Elkjøp brand in the Nordic region.

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