Elliott Advisors has pulled out of making a takeover bid for electrical high-street chain Currys after being rejected by the retailer’s board “multiple times”.

The US investment group had initially proposed an offer that valued the electricals chain at around £700 millon (€640.2m), and then increased it to £757 millon, but Currys declined a deal believing that the offers “significantly undervalued” the business.

Currys could still receive a bid from China’s JD.com, which recently indicated it was considering an offer for the chain.

Currys has more than 800 stores globally, employing some 28,000 people. In the UK, it operates over 300 stores with 15,000 staff.