Electronics giant Currys could face a £700million takeover by the owner of Waterstones, according to reports.
American group Elliott Advisors is plotting a bid for the high street chain, which employs more than 15,000 people across the UK in around 300 stores.
It is unclear if Elliott has made a formal proposal to the company’s board, according to Sky News, which first reported the plans.
While Currys thrived during the pandemic as Britons set up home offices, it has been hit by the sharp fall in spending amid the cost-of-living crisis.
The company’s overall value has crashed by more than a third over the last year and it is now worth around £530million – substantially lower than the reported offer.
While Currys thrived during the pandemic as Britons set up home offices, it has been hit by the sharp fall in spending amid the cost-of-living crisis (File Photo)
Elliott bought the bookstore chain Waterstones for an undisclosed sum in 2018 and has nursed it back into profit (File Photo)
Previously known as Dixons Carphone, the retailer’s history dates back to 1884 when Henry Curry set up a bicycle-building business.
It now operates in eight countries and has around 28,000 staff worldwide.
Elliott, which has been described as a ‘vulture fund’, was set up by the billionaire American financier Paul Singer in 1977.
The £52billion group – best known internationally for owning AC Milan between 2018 and 2022 – has a fierce reputation on both sides of the Atlantic for its aggressive tactics.
Elliott bought the bookstore chain Waterstones for an undisclosed sum in 2018 and has nursed it back into profit.
But its recent bidding record has been less successful. Last year it offered bids for the fashion chain Reiss and cosmetics group The Body Shop, neither of which were successful.
The Body Shop has since been put into administration by the private equity firm who bought it in November and its future is uncertain.
Elliott and Currys declined to comment.