Currys bidding war: Chinese retail giant JD joins race as shares soar 33 per cent
Chinese retail giant JD.com is the latest firm to consider buying Currys, as its board reveals it is in the “very preliminary stages” of exploring a takeover.
Shares in Currys soared over 35 per cent this morning after Chinese retail giant JD unveiled itself as the latest firm to consider buying the electrical goods chain.
The board of JD said it is in the “very preliminary stages” of exploring a takeover.
An update this morning, follows speculation in The Telegraph which said the Beijing based homeware and technology retailer was exploring new avenues amid a period of increased competition.
“JD.com confirms 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.
“There can be no certainty that any offer will ultimately be made for Currys, nor as to the terms on which any offer might be made. A further announcement will be made if and when appropriate.”
It is also believed the firm held informal talks with Currys this week regarding a takeover deal.
Monday’s developments follow a whirlwind weekend for Currys after it rejected an unsolicited £700m bid from activist investor Elliot on the grounds that it “undervalued” the company.
However an update from the hedge fund, which also owns Waterstones, suggests that a deal may still be on the cards.
As for JD, a takeover of one of Britain’s best known brands would help expand its presence in the western retailer market.
The Chinese e-commerce business has also faced increased competition from the likes of Temu and Shein.
