Shares of UK electrical and telecommunications retailer Currys (CURY) (CURYY) experienced a decline of more than 6% on Friday after Chinese e-commerce giant JD.com (NASDAQ:JD) announced it would not pursue a bid for the company.

Speculation regarding a potential takeover of the London-listed retailer had been circulating in recent weeks, with both JD.com and US investment firm Elliott Advisors expressing interest.

Earlier this week, Elliott Advisors confirmed that it would not proceed with a bid for Currys, citing the rejection of multiple attempts to engage with Currys’ Board and a lack of sufficient information to make an improved offer based on publicly available information.

Following suit, JD.com released a statement today indicating that, after careful consideration, it has decided not to pursue an offer for Currys. Despite being in the preliminary stages of evaluating a potential deal, JD.com has ultimately opted not to proceed.

The announcements from both Elliott Advisors and JD.com have contributed to the downward movement in Currys’ shares, reflecting market disappointment over the loss of potential acquisition opportunities.