Chinese e-commerce giant JD.com has dealt a blow to British electronics retailer Currys by walking away from a potential takeover.
This withdrawal follows a similar move by US investment company Elliott Advisors, leaving Currys to navigate its future course independently.
JD.com’s interest in Currys was said to have stemmed from a desire to expand its European footprint. The company’s brick-and-mortar presence in China faces increasing competition, and Currys’ established store and warehouse network across eight European countries offered a tempting solution.
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Currys takeover speculation “seems to have passed
The Currys board rejected two Elliott bids, claiming they “significantly undervalued” the company, while JD.com ended up not making an offer. The two companies walked away earlier this month, quashing speculation over an imminent takeover of the chain.
Mr Baldock said the takeover speculation “seems to have passed”,
Currys trading update
Currys shared an updated report on our trading since the busy ‘Peak’ period over the winter months.
Sales have been stronger than the Group’s expectations – and combined with continued strong growth in Services – Group adjusted profit before tax is now expected to be at least £115m.
The update also reflects the end of the offer period in which takeover offers from Elliot Advisors and JD.com could have been made.
Group CEO, Alex Baldock: “Stronger trading, selling more of the solutions and services that boost margins and build customers for life, and strong cost discipline have all been important
Currys to partner with WelcoMe
Currys has become the first tech retailer to partner with WelcoMe, with the aim of improving the shopping experience for customers with disabilities.
The partnership launches in conjunction with Neurodiversity Celebration Week.
A purpose built web app, the aforementioned platform works by allowing shoppers with a disability to register an in-person store visit, online.
Through filling out a quick form indicating any specific disability related needs or information, and an estimated date/time of arrival, stores are then notified of the upcoming visit giving them the opportunity to prepare for and accommodate any specific requirements etc.
The tool also gives retail partners access to pointers and best practice techniques to help accommodate anybody, specific to certain disabilities.
The trial will be piloted across 20 UK Currys stores
Currys should hold out for £1bn takeover offer, says shareholder
Currys shareholder has said the retailer should hold out for an offer worth £1bn amid the ongoing takeover saga between Waterstones owner Elliott Advisors and Chinese online shopping giant JD.com.
JO Hambro Capital Management (JOHCM) UK Equity Income fund, which is a top 10 shareholder, said an offer between 80p and 100p per share would be “acceptable”.
Currys rejects second takeover offer from US firm Elliott
Currys has rejected a second takeover approach from US firm Elliott, saying the offer “significantly undervalued” the electronics chain.
Elliott valued the retailer at around £757m, up from its initial £700m valuation earlier this month.
The US company is up against Chinese rival JD.com which has also expressed an interest in buying the British firm
Currys: JD.com considers takeover bid
Currys could soon find itself the centre of a bidding war as Chinese online shopping giant JD.com considers making a takeover offer and Waterstones owner Elliott reviews its bid.
The Chinese ecommerce giant said on Monday that “it is in the very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys”. Elliott is understood to considering making a new cash bid for the electricals retailer after its initial £700m offer was rejected on Friday.
Currys reports 3% peak like-for-like revenue decline
British electrical retailer Currys has reported a 3% decline in like-for-like revenue for the ten weeks ending 6 January 2024.
In the UK & Ireland, Currys’ peak LFL revenue fell by 3% year-on-year .The company said it managed to deliver strong profits through stable gross margin and continued cost savings.
Currys is set to sell its Greek and Cypriot business for
Currys is set to sell its Greek and Cypriot business for £175m as it looks to focus on its largest markets including the UK and Ireland.
The disposal follows a strategic review of the business back in June and is designed to simplify the group.
Alongside the UK & Ireland, the electricals retailer will also focus on its Nordic arm.
The sale is expected to be made in the first quarter of 2024
Currys hit by revolt over executive pay
Currys has become the latest company to be hit with a shareholder rebellion over executive pay.At their annual meeting, more than 21 per cent of voters rejected the electronics retailer’s pay scheme for 2022 – which handed chief executive Alex Baldock £2.2 million. Around £1.2 million of this was in the form of bonuses.
Currys said it would speak to shareholders to find out why they objected to the scheme.
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