Statement of intention not to make an offer

Elliott Advisors (UK) Limited

11 March 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

FOR IMMEDIATE RELEASE

11 March 2024

Statement of intention not to make an offer for Currys plc ("Currys")

Elliott Advisors (UK) Limited, acting on behalf of the funds it advises ("Elliott") confirms that, following multiple attempts to engage with Currys' Board, all of which were rejected, it is 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.

For the purposes of Rule 2.8 of the Code, Elliott and any person(s) acting in concert with it reserve the right to make or participate in an offer for Currys (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement:

(i)   with the agreement of Currys' Board;

(ii)  following the announcement of a firm intention to make an offer for Currys by or on behalf of a third party;

(iii) following the announcement by Currys of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensation from Rule 9 of the Takeover Code) or a reverse takeover (as defined in the Code); or

(iv) where the Takeover Panel has determined that there has been a material change of circumstances

Enquiries

Elliott Alice Best	[phone]
Jefferies International Limited (Financial Adviser to Elliott)	[phone]
Philip Noblet / Gavriel Lambert / George Maddison / James Umbers

Important information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

Jefferies International Limited ("Jefferies"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Elliott and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Elliott for providing the protections afforded to clients of Jefferies nor for providing advice in relation to the matter referred to in this announcement. Neither Jefferies nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Jefferies in connection with this announcement, any statement contained herein or otherwise.

 

END