Elliott pulls from Currys takeover talks

(Sharecast News) - US private equity firm Elliott Advisors has pulled from race to take over Currys after the UK electrical retailer rejected "multiple attempts" to discuss an offer. Currys shares surged last month when it was revealed that Elliott had made an initial potential offer worth £700m - later reportedly upped to £800m. Meanwhile Chinese e-commerce giant JD.com also entered the fray.

The retailer has been struggling in the last two years as high inflation hit demand across all of its markets. Last July Currys cancelled its dividend and cut spending in its Scandinavian operations.

Reporting by Frank Prenesti for Sharecast.com