British retailer Currys drops 5% as China’s JD.com walks away from takeover race

British retailer Currys drops 5% as China’s JD.com walks away from takeover race

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A Currys Plc store on Oxford Street in central London, UK, on Monday, Feb. 19, 2024.

Bloomberg | Bloomberg | Getty Images

British electrical chain Currys experienced more rejection Friday with Chinese online retailer JD.com walking away from a takeover race for the firm, just days after Elliott Investment Management did the same.

In a brief statement Friday afternoon, JD.com said it would no longer pursue an offer for the main street brand, less than a month after entering the running.

“JD.com today confirms that, following careful consideration, it does not intend to make an offer for Currys,” it said.

Currys shares plunged more than 10% on the announcement, before paring losses slightly.

The stock was trading down 4.4% by 2:50 p.m. London time.

Currys did not immediately respond to CNBC’s request for comment.

This is a breaking news story, please check back later for more.

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