US firm ends takeover interest in Currys

US investment firm Elliott Advisors has walked away from making a takeover bid for Currys after being rejected by the retailer's board "multiple times".

It had initially proposed an offer that valued the electricals chain at £700m, and then raised it to £757m.

But Currys rebuffed the approaches, stating that they "significantly undervalued" the business.

Elliott said on Monday it had made attempts to engage with the board, but has now chosen to back off.

It said it was "not in an informed position to make an improved offer for Currys on the basis of the public information available to it".

"Elliott therefore confirms it does not intend to make an offer for Currys."