投资界·2024-02-21 03:00Core Viewpoint - JD.com is considering acquiring Currys, a UK-based electrical retail company, following interest from Elliott Advisors, indicating a strategic move to expand its presence in the European market [1][2]. Group 1: Acquisition Details - JD.com has submitted a document to regulators stating it is in the early stages of evaluating a potential cash offer for all issued shares of Currys, with a decision required by March 18 [1]. - Elliott Advisors previously valued Currys at approximately £700 million (about $882 million) with a bid of 62 pence per share, which Currys' board rejected as significantly undervaluing the company [1][2]. - Following the acquisition news, Currys' stock price surged by 36.58% to 64 pence per share, raising its market capitalization to nearly £730 million [1][2]. Group 2: Company Background - Currys, established in 1884, has evolved from a music retail store to a major player in electronics and home appliances, operating over 820 stores across eight countries, including the UK and Ireland [2]. - The company has faced challenges in recent years, with a 4% decline in revenue to £4.1 billion and a pre-tax loss of £16 million for the six months ending October 31, 2023 [2]. Group 3: Strategic Importance of Europe - JD.com has been expanding its logistics and supply chain capabilities in Europe, having registered its overseas e-commerce platform Ochama in the Netherlands and announced plans to enter 19 markets [3]. - The acquisition of Currys would allow JD.com to gain market share in the UK and Europe, leveraging Currys' established supply chain and logistics experience [3][4]. - JD.com has previously made significant investments in logistics assets in the UK, including a £600 million warehouse and a £250 million logistics asset package, enhancing its operational capabilities in Europe [4][5]. Group 4: Competitive Landscape - JD.com faces competition from Elliott Advisors, which is also considering a new bid for Currys, indicating a potential bidding war that could drive up the acquisition price [5][6]. - The strategic move to acquire a well-established retailer like Currys aligns with JD.com's goal of building a global supply chain and enhancing its international presence [4][6].