China's will not make an offer for Currys

A month after announcing it was evaluating a deal, Chinese online retailer has said it would not be making an offer for UK electricals seller Currys.

The company said that it was evaluating a possible offer on 19 February, but on Friday said that it would not pursue this interest “following careful consideration”.

US-based investment management firm Elliott Advisors last week also said that it would not be making an offer after seeing proposals of 62 pence a share and 67 pence a share rejected.

Analysts have estimated that an offer of over 80 pence a share would be needed for Currys’ board to entertain an offer.

While the company retains a solid business in the UK, Ireland and Scandinavia, the ongoing economic downturn which has impacted consumer spending power has had a negative effect on its sales.

Currys earlier this month said that it would complete a deal to sell its Greece business in April for £156 million, with the funds set to go towards debt reduction.

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