Currys PLC (LSE:CURY) shares fell 8% on Monday after Elliott Advisors withdrew its intention to make a full takeover offer, though the electrical products retailer has at least one other suitor waiting in the wings.
US activist investor Elliott said it was walking away following "multiple attempts to engage" with Currys' board, all of which were rejected.
Due to this rebuffing, Elliott said it is "not in an informed position to make an improved offer for Currys on the basis of the public information available".
Ellitt's second and most recent offer, worth 67p a share, came at the end of last month, against 62p in its original approach.
That second offer valued Currys at just over £750 million and saw shares in the electrical products retailer jump 45% to almost 70p, though they finished last week at 64.5p.
Chinese e-commerce giant JD.com Inc (NASDAQ:JD) last month confirmed that it had been considering a takeover offer for Currys too, saying it was "in the very preliminary stages of evaluating a possible transaction that may include a cash offer".
In early trading Monday, the shares were down to 58.6p.