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Currys PLC said it rebuffed a takeover attempt from US activist investor Elliott Investment Management LP, believing the bid undervalues the electricals retailer.
Currys said it received an unsolicited proposal worth around £702.8 million from Elliott, or 62 pence per share.
Currys said the sum ‘significantly undervalued the company and its future prospects’.
Shares in Currys fell 0.6% to 47.08p each in London on Friday, giving it a market capitalisation of £533.7 million.
Elliott already has a presence in the UK retail sector. It owns bookseller Waterstones. According to City rules, it has until March 16 to announce if it plans to make an offer for Currys.
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