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".

The investment firm initially proposed an offer valuing the electricals chain at £700m, and then raised it to £757m. However, Currys rebuffed the approaches, stating that they "significantly undervalued" the business.

Currys could still receive a bid from China's JD.com, which said last month it was mulling an offer for the firm.

Elliott, which owns UK bookseller Waterstones, said on Monday that it had made attempts to engage with the board of Currys, but had 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," a statement added.

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