Elliott slams Currys board as it abandons £757m bid

THE bid battle for Currys took a dramatic new turn today as the US private equity house that had spiced up the retailer's shares with a £757 million offer walked away, hitting out at the company's board.

- Michael Hunt and Simon Hunter

The demise of the bid for the phones-to-fridges chain comes at a time of controversy over the London stock market's ability to properly reflect the true worth of companies listed on it.

Elliott Investors increased the price at the end of last month, to 67p per share, up from a previous price of 62p, which valued it at £700 million.

Chinese online retailer JD.com announced that it too was interested in buying Currys, but has yet to mention a price.

As a potential fight for control of the FTSE 250 firm loomed, its shares ran as high as 68.55p, above Elliott's increased price and to their highest in almost a year. Today, the stock slumped by over 8% to 59.18p, a drop of over 5p. Its shares were worth over 500p in 2015.