China’s JD.com Abandons Plan to Bid for UK Retailer Currys
- Retailer’s shares drop after e-commerce giant backs away
- US investor Elliott also pulled out after two rejected bids
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JD.com Inc. said it will not make an offer for British electronics retailer Currys Plc, just days after US buyout firm Elliott Investment Management also walked away.
Shares in Currys fell 4.8% to 56.10 pence after the Chinese e-commerce giant backed away without giving a reason. The stock was trading at about 47 pence before news of the first offer broke.