Superdry PLC (LSE:SDRY) boss and founder Julian Dunkerton has been granted an extra month to table a takeover bid to take the fashion company private.
Last month, shares in the company soared over 110% on the back of a spate of takeover rumours that later led to Dunkerton confirming he was mulling buying the business back.
Dunkerton requested permission from the company’s chairman to explore an offer for the company and is in talks with potential financing partners, with a cash offer for the company among the possibilities.
March 1 was his initial deadline to table an offer but after consulting with the Takeover Panel and having not been able to complete discussions with sponsors, the date was extended.
Now set for 29 March 2024, this extension provides Dunkerton and potential sponsors additional time to discuss a possible takeover amid Superdry's ongoing turnaround efforts, an element which is expected to influence the offer.
Reports last month suggested that the value of Superdry owned by a brand management company would be about £400 million to £600 million, compared with its present market cap of about £36 million.
At their peak in early 2018, the company’s shares were just shy of £20, giving it a valuation above £1.7 billion.
The company has struggled in recent times and reports said the firm’s cost-cutting plans could include store closures.