Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Currys shares surge as Elliott, JD.com circle UK retailer
(Sharecast News) - Shares in Currys surged more than 35% on Monday after US private equity firm Elliott Advisors and China ecommerce giant JD.com on Monday confirmed they were considering separate bids for struggling British electrical retailer.
Elliott, which bought the UK bookstore chain Waterstones in 2018, said in a statement there was "no certainty that an offer will be made for Currys" or the terms on which any bid might be made.
Currys on Sunday rejected Elliott's 62p-a-share approach, saying its £700m proposal "significantly undervalued" the chain and its future prospects.
Elliott has until March 16 to make a firm bid. Meanwhile, Beijing-based JD.com also confirmed it was in the "very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys" and will need to show its hand by March 18.
Last month Currys lifted full-year profit forecasts despite reporting a drop in sales as consumers cut back on discretionary spending amid high inflation and stagnant wage growth.
In an update for the 10 weeks to 6 January, the retailer said group sales declined by 4%, with those in the UK and Ireland down 3%, while the international segment saw a 6% fall. The Nordics and Greece fell 6% and 4%, respectively.
It has more than 800 stores around the world and employs 28,000 people. In the UK, it operates about 300 stores with 15,000 staff.
The company now expects adjusted pre-tax profit for the year of between £105m - £115m, above consensus expectations of £104m.
Reporting by Frank Prenesti for Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.