Currys takeover move scrapped by US firm Elliot

US investment firm Elliott Advisors has walked away from making a takeover bid for Currys after being rejected by the retailer's board "multiple times".

Currys has more than 800 stores globally and employs 28,000 people. In the UK, it operates about 300 stores with 15,000 staff. It said it was "not in an informed position to make an improved offer for Currys on the basis of the public information available to it".The rising cost of living in the past couple of years has hit many retailers as consumers cut back on spending, and Currys said last month that underlying sales had fallen 3% over the key Christmas trading period.

Analysts have also noted that Currys' share price appears low given its market share and profitability, which has made the firm attractive to investors.

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