SHARES in Currys shot up yesterday as the City anticipated a takeover battle for the electronics retailer.

Private equity giant Elliott confirmed on Monday morning that it had made a £700m bid for the company, around a 30 per cent premium on the firm's closing price last Friday.

Currys knocked that back, with Elliott understood to be mulling another bid. But the arrival of another statement from Chinese giant JD.com - which said it was in the "very preliminary stages" of a bid - cemented the growing view that Currys would become the centre of a lucrative City auction.

The shares were up more than 36 per cent at close yesterday, taking them ahead of Elliott's original bid.

There was also some speculation that Frasers - a sizable shareholder in Currys - could be interested in throwing its own hat into the takeover ring.

The share price jump was a welcome bump for the listed retailer, which prior to yesterday's trading was sitting at around two-thirds of its value in 2020.

Should Currys be plucked from the stock exchange by either Elliott, JD.com or another suitor, it would be another blow to the already embattled London Stock Exchange. READ MORE ON PAGE 3

(c) 2024 City A.M., source Newspaper