Elliott plans around $880 million bid for UK's Currys, Sky News reports

18/02/2024

FILE PHOTO: A person carries a television outside a Currys store in London, Britain, November 22, 2021. Picture taken November 22, 2021. REUTERS/May James/File Photo

(Reuters) -Investment management firm Elliott Advisors is planning to acquire British electricals retailer Currys for 700 million pounds ($881.9 million), Sky News reported on Saturday.

It was unclear whether Elliott had made a formal proposal to the Currys board, the report added.

Last month Currys forecast full-year profit ahead of market expectations after stable gross margins and cost savings offset a fall in underlying sales over the Christmas trading period.

Elliot Advisors declined to comment on the Sky News report, while Currys did not immediately respond to a Reuters request for comment.

Last year U.S.-based Elliott also offered bids for fashion chain Reiss and cosmetics retailer The Body Shop which did not go through.

($1 = 0.7938 pounds)

(Reporting by Surbhi Misra in Bengaluru; Editing by Mark Heinrich and Jan Harvey)

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