The investment firm which owns Waterstones has returned with a second offer for Currys, the electrical goods chain, amid investor hopes of a rare bidding war for a London-listed company.
Sky News has learnt Elliott Advisors has tabled a marginally improved bid that insiders said was highly likely to be rebuffed by Currys’ board.
City sources said on Tuesday that the revised proposal valued Currys at between 65p and 70p-a-share, compared with an initial 62p-a-share bid worth £700m.
One shareholder in Currys questioned Elliott’s logic in submitting an offer of less than 70p after analysts and shareholders suggested that only a range of between 75p and 80 was likely to persuade the company to engage in discussions.
Elliott, which is known for its activist campaigns and investments in prominent assets such as AC Milan, the Serie A football club, has also acquired a string of retail businesses through its private equity investment team.
Both Elliott and Currys declined to comment.
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Currys, which traces its roots back to 1884, when Henry Curry set up a bicycle-building business, is now at the centre of a potential bidding war.
JD.com, the Chinese e-commerce giant, said last week that it was at the early stages of considering an offer.
Sky News revealed at the weekend that Amanda Thirsk, a former aide to Prince Andrew, is playing a role in evaluating JD’s interest in Currys.
The Takeover Panel has set a mid-March deadline for both Elliott and JD.com to lodge binding offers for the retailer or walk away.
Currys employs more than 15,000 people in the UK, trading from about 300 stores.
In 2021, the company rebranded under its current name, having absorbed shops operating under brands including PC World, Dixons and Carphone Warehouse.
Now led by chief executive Alex Baldock, Currys has been grappling with the same inflationary headwinds which have afflicted the rest of the retail sector and…
