TECH - JD.com Backs Out of Currys Acquisition Eyeing Other Expansion Paths Stock Slips | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) rival JD.com Inc (NASDAQ:JD), recently announced it would not pursue an acquisition of British electrical retailer Currys. JD.com’s stock price declined after the report.
This decision comes shortly after US investor Elliott Advisors also opted out of making an offer for Currys, having had its proposals of 62 pence and 67 pence per share declined.
JD.com’s interest in Currys was primarily due to its extensive store and warehouse network, aiming to facilitate JD.com’s expansion into the UK and Europe amidst weakening demand in China, Nikkei Asia