Shares of U.K. retailer Currys plunge 10% after U.S. fund manager Elliott pulls out of takeover race

The US investment firm announced that it would not be making an improved offer for the UK company Currys. Despite multiple attempts to engage with Currys’ board, all of which were rejected, Elliott Investment Management decided against another takeover bid. This clears the way for Chinese online retailer JD.com, which entered the takeover race earlier this year. Elliott had previously made two approaches for Currys, including a £757 million proposal at the end of February. Following the news, Currys’ shares dropped by 10% in early trading.