U.S. investment firm Elliott exits takeover race for British retailer Currys, resulting in a 10% drop in stock value.

• After "repeatedly trying to communicate with Currys' Board but receiving rejections," the U.S. investment firm decided not to present a better offer for the U.K. company.
• Earlier this year, JD.com joined the race, and now the move clears the way for the Chinese online retailer.
• In February, Elliott presented two proposals to Currys, with the final one being worth £757 million ($973 million).

Elliott Investment Management announced on Monday that it would not be making another takeover bid for British electrical retailer, following multiple rejections.

Early Monday, the stock price of Currys dropped by 10% in initial trades following a recent announcement.

Elliott Advisors, the U.S. investment firm, announced Monday that it was not making an improved offer for Currys after "multiple attempts to engage with the company's Board were rejected."

Elliott stated that the bid lacked sufficient information to make an informed decision. This move paves the way for the Chinese online retailer, which has been a part of the takeover race since earlier this year.

In February, Elliott submitted two proposals to Currys, with the final offer being £757 million ($973 million), which valued shares at 67 British pence.

On Friday, Currys closed at 64.5 pence, but on Monday morning, its stock price dropped to around 57 pence.

CNBC could not obtain a comment from a spokesperson for Currys.

The title of this article has been revised to fix the misspelling of U.S. investment company Elliott.