Superdry extends deadline for takeover bid

Superdry has today announced that Julian Dunkerton, its Founder and Chief Executive Officer, has extended the deadline for a cash offer to be issued by potential sponsors.

Dunkerton remains in talks with several potential investors about backing a take-private deal. Therefore, with permission granted by the takeover panel, he has extended the deadline for a cash offer from 1 March to 29 March. By this time, Julian Dunkerton must either announce a firm intention to make an offer for Superdry or announce that he does not intend to make an offer for Superdry.

Discussions with Julian Dunkerton and potential sponsors regarding an offer for the company remain ongoing as Superdry continues to take steps to strengthen its balance sheet, such as modest equity raises and brand licensing deals in Asia-Pacific and India. The continued work on its turnaround plan is an important element of any pending offer.

Earlier this month, Superdry confirmed that Dunkerton, who owns a 26% stake in the business, "is engaged in discussions with potential financing partners" however "discussions are at a preliminary stage and no decisions have been made".

Dunkerton is currently in talks with Davidson Kempner, the owner of Oak Furnitureland and Laura Ashley owners, the Gordon Brothers, about buying the shares he doesn't own.

In January, Superdry hired advisers from PricewaterhouseCoopers (PwC) to examine debt-raising options. This came just weeks after Superdry's shares sank to a record low, blaming an "abnormally mild autumn" for delaying outerwear sales and causing a "challenging trading environment". In December, the company, best known for its logo-emblazoned hoodies and T-shirts, warned of a hit to its full-year profitability for FY24.