Shares in Currys, the UK equivalent of JB Hi Fi have soared 33% overnight after giant Chinese operator JD.com announced that they intend to bid for the consumer electronics and appliance retailer.

Shares climbed 33% the highest for the business in 23 years.

Chinese e-commerce company JD.com has officially confirmed that they are looking at a cash bid for the business days after Currys rejected a $1.3 billion dollar offer from US investment house Elliott.

The official JD.com comments came following press speculation around the bid.

JD.com has until March 18 to either make a formal offer for Currys or walk away under U.K. Takeover Panel rules.

The move by the Chinese operator came after Currys’ board rejected the takeover offer of 62 pence a share from investment management firm Elliott Advisors.
Currys said the offer significantly undervalued the company and its future prospects.

Elliott Advisors confirmed in a separate statement that is considering a possible cash offer for Currys, but also said there can be no certainty that an offer will be made.

There is also speculation that another organisation could enter the bidding for the UK Company.