(Alliance News) - 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 GBP702.8 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 GBP533.7 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.
By Eric Cunha, Alliance News news editor
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Currys (CURY)