In a follow-up to a Feb. 19 announcement that JD.com Inc. had interest in acquiring Currys Plc, JD.com released a statement saying “it does not intend to make an offer for Currys.”

The new statement, which JD.com released March 15 via the London Stock Exchange, fulfills JD.com’s requirement to announce firm intentions by the filing deadline, which was set to March 15.

In the statement, JD.com cited United Kingdom code on takeovers and mergers. JD.com said that Rule 2.8 of the code applies to its statement. It said it reserves “the right to make or participate in an offer for Currys … within the next six months following the date of this announcement.”

Based on Rule 2.8, JD.com has six months to make or participate in an offer:

• With the agreement of Currys’ board
• Following a third party’s announcement of a firm intention to make an offer for Currys
• Following an announcement from Currys of a waiver proposal or reverse takeover
• If the takeover panel determines there has been “a material change of circumstances”

JD.com’s previous interest in a Currys offer

In February, JD.com had said it was “in the very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys.”

That came around the time that private equity investor group Elliott Management had announced its intention to acquire Currys. However, Currys had rejected that offer.

“The board confirms that it received an unsolicited, preliminary and conditional proposal from Elliott regarding a possible cash offer for the entire issued and to be issued share capital of the Company,” Currys said in a Feb. 19 statement.

JD.com Inc. is No. 1 in the Asia Database, Digital Commerce 360’s ranking of the region’s largest online retailers. It is also No. 4 in the Global Online Marketplaces Database.

Currys is No. 23 in the Europe Database, Digital Commerce 360’s ranking of the largest online retailers in the region. It sells refrigerators, washing machines, computers and other electrical goods. Currys operates 301 stores in the United Kingdom and 426 stores across Scandinavia through its Elkjop brand.

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