Superdry deadline extended for CEO's offer, shares sink

Superdry (LSE: SDRY) has extended a deadline for its founder and Chief Executive Officer Julian Dunkerton to make a firm offer to take the company private. The deadline has been pushed back to March 29, 2024, to allow further discussions to take place.

Superdry’s share price fell 10% on the news, but remains 70% lower than a year ago. However, the stock has surged over 70% in the past month on the back of the takeover talks.

Dunkerton is exploring a possible cash offer for all outstanding shares of Superdry that he does not already own. He currently holds a 26% stake in the company he founded in 1985.

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Earlier reports suggested that Dunkerton is in talks with Davidson Kempner, a New York-based investment firm, to secure funding for the potential takeover.

Superdry said in a statement: “Discussions with Julian Dunkerton and potential sponsors regarding a possible offer for the company remain ongoing alongside the company’s continued work on its turnaround plan, including its exploration of various material cost-saving options, which is expected to be an important element of any such offer.”