By Michael Susin


Currys led the FTSE 250 index in early trading after the U.K. electronics retailer attracted takeover interest.

Shares at 0809 GMT were up 33% to 62.70 pence, the stock's sharpest intraday percentage move in 23 years.

Chinese e-commerce company JD.com confirmed on Monday that it is in very early stages of a possible cash offer to buy U.K. electronics retailer, without disclosing further details. The statement was in response to press speculation, and the company said there can be no certainty that any offer will be made.

JD.com has until March 18 to either make a formal offer for Currys or walk away under U.K. Takeover Panel rules.

Also on Monday, Currys' board rejected the takeover offer of 62 pence a share from investment management firm Elliott Advisors. The offer valued Currys' total shares at around 702.8 million pounds ($885.6 million), and represented a 32% premium to Friday's closing price.

Currys said the offer significantly undervalued the company and its future prospects.

Elliott Advisors confirmed in a separate statement that is considering a possible cash offer for Currys, but also said there can be no certainty that an offer will be made.


Write to Michael Susin at michael.susin@wsj.com


(END) Dow Jones Newswires

02-19-24 0341ET