A takeover of electrical retailer, Currys, won't be going ahead in the near future.

Chinese retail giant JD.com has confirmed it won't be putting in a bid to buy the retailer, which has stores in Cheltenham and Gloucester, as reported by Retail Gazette.

Last month, Currys rejected a £700m bid from the owner of Waterstones, Elliott Advisors, because it undervalued the company. It rejected a further bid from Elliott for £750m a few days later.

Shareholders have said they want a minimum of £1bn for the group, which would equate to an offer of 90p per share.