Currys Rejects $882 Million Takeover Bid from Activist Investor Elliott
Electrical goods retailer Currys has rejected a $882 million takeover approach from US investment firm Elliott. Elliott is known as an activist investor who takes over companies to change how they are run, having previously acquired the UK bookshop chain Waterstones. Currys said the offer "significantly undervalued" the company and its future prospects. Currys, which employs 28,000 people and operates over 800 stores globally, has been struggling with falling sales as customers cut back spending.
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00:00 It's Benzinga and here's what's on the block.
00:02 Electrical goods retailer Curry's has rejected an $882 million takeover approach from US investment
00:08 firm Elliot. Elliot is known as an activist investor who takes over companies to change
00:12 how they are run, having previously acquired the UK bookshop Chain Waterstones. Curry's said the
00:18 offer significantly undervalued the company and its future prospects. Curry's, which employs 28,000
00:23 people and operates over 800 stores globally, has been struggling with failing sales as customers
00:28 cut back spending. However, cost cuts helped Curry's increase its profit forecast for the year
00:33 despite a 3% drop in like-for-like Christmas sales. Elliot now has until March 16th to make
00:39 a formal offer for Curry's under UK takeover regulations. For all things money visit Benzinga.com