Currys plc (LON:CURY) noted the announcement made by Elliott regarding a proposal to acquire Currys.
The Board has confirmed that it received an unsolicited, preliminary and conditional proposal from Elliott regarding a possible cash offer for the entire issued and to be issued share capital of the Company at 62 pence per share.
The Board considered the Proposal, together with its financial advisers, and concluded that it significantly undervalued the Company and its future prospects. Accordingly on 16 February 2024, the Board unanimously rejected the Proposal.
There can be no certainty that an offer will be made for Currys nor as to the terms on which any offer might be made.
In accordance with Rule 2.6(a) of the Code, Elliott must, by not later than 5.00 p.m. on 16 March 2024, either announce a firm intention to make an offer for Currys in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Currys, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
This announcement has been made without the consent of Elliott.
