London-listed retailer Currys (DSITF) said Tuesday that it had rejected an improved offer from U.S. investor Elliott Advisors to acquire the company.
The improved offer was at 67 pence per share, up from the prior unsolicited proposal from Elliott at 62 pence per share. The improved proposal would have seen Elliott pay an improved £757 million ($951 million) for the company.
Elliott is not the only interested party in Currys, with China-based business JD.com also considering an offer for the company.
Currys said it considered the second Elliott proposal, together with its financial advisers, and concluded that it "significantly undervalued the company and its future prospects."
Currys shares closed the London session down 0.37% at 66.5p per share.