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PRESS: Superdry shares jump on report US investor enters bidding fray

Tue, 20th Feb 2024 09:02

(Alliance News) - Shares in Superdry PLC rose on Tuesday after a report suggested a US investment firm is in talks to buy the embattled retailer.

Shares in the Cheltenham, England-based clothes retailer jumped 12% to 37.58 pence per share in London on Tuesday morning. Shares in Superdry are down 68% over the past 12 months.

Sky News said Davidson Kempner, the New York-based investment management firm, is in discussions with Julian Dunkerton about backing an offer for Superdry.

https://news.sky.com/story/superdry-founder-woos-us-investor-to-back-bid-for-struggling-chain-13075746

Earlier this month, Dunkerton, the co-founder and chief executive of Superdry, confirmed that he is in discussions with potential financing partners.

This could include a possible cash offer for the entire issued and to be issued share capital of the company not already owned by him.

Sky said that the talks add the US investor, which has backed baby clothing retailer Jojo Maman Bebe and furniture retailer Oak Furnitureland, and previously held a slug of debt in New Look, to a list of firms examining Dunkerton's proposals.

Others include Retail Realisation, a firm backed by the founder of turnaround investor Rcapital, Sky said.

In late January, Superdry said it was working with advisors to consider "the feasibility of various material cost saving options".

In December, Superdry warned its profit for its current financial year ending at the end of April will suffer amid the "well-documented challenging trading environment".

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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