Response to Press Speculation
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THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE"). THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.
Currys plc ("Currys" or the "Company")
Response to press speculation
Further to our announcement dated 17 February 2024, the Board of Currys notes the recent media speculation and confirms it has received a further preliminary and conditional proposal from Elliott Advisors (UK) Limited ("Elliott") regarding a possible cash offer for the entire issued and to be issued share capital of the Company at 67 pence per share (the "Second Elliott Proposal"). This follows the prior unsolicited proposal from Elliott at 62 pence per share (the "First Elliott Proposal") which was unanimously rejected by the Board of Currys on the basis that it significantly undervalued the Company and its future prospects.
The Board of Currys considered the Second Elliott Proposal, together with its financial advisers, and concluded that it significantly undervalued the Company and its future prospects. Accordingly, on 26 February 2024, the Board of Currys unanimously rejected the Second Elliott 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.
This announcement is made on behalf of Currys by Nigel Paterson, General Counsel & Company Secretary.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.