Superdry extends deadline as go-private talks continue

Superdry on Friday said it was extending its deadline regarding a possible offer — led by co-founder and CEO Julian Dunkerton — to be made for the business.

After months of speculation as to his intentions as the share price fell, the company had announced early last month that it had consented to Dunkerton “exploring the possibility of making a cash offer for the issued and to be issued share capital of the company not already owned by him and that he was engaged in discussions with potential sponsors”.

Under the London Stock Exchange takeover code, he was required to say a firm offer would happen or to walk away by 5pm on Friday (1 March). That deadline has now been extended to 29 March.

The company said that discussions with 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”. 

There’s still no guarantee that any offer will be made, of course. But  last month a report emerged saying US asset manager Davidson Kempner, owner of Britain’s Oak Furnitureland, is in talks with Dunkerton about backing any offer for the company whose market value based on its share price is currently less than £40 million.