(Alliance News) - Superdry PLC on Thursday said a takeover offer from Chief Executive Officer Julian Dunkerton is unlikely, but he remains committed to the company.
Early in February, Dunkerton confirmed that he is in discussions with potential financing partners. This could include a possible cash offer for all Superdry shares not already owned by him. Dunkerton, who founded Superdry in 1985, currently has a 26% stake.
Superdry said "a takeover offer from Julian Dunkerton for the company is unlikely to deliver an outcome for shareholders, or stakeholders more broadly, that the transaction committee and Julian Dunkerton are confident can be executed in the context of the company's ongoing work on its turnaround plan and material cost saving options."
"However, Julian Dunkerton remains fully committed to the company over the long-term and is in discussions with the company in respect of alternative structures, including a possible equity raise fully underwritten by Julian Dunkerton, which would provide additional liquidity headroom for the company's turnaround plan," it continued.
The company added said it is expected that any equity raise would be at a very material discount to the current share price, and would be conditional on a delisting of the company.
Shares in Superdry closed down 5.1% to 28.80 pence each in London on Thursday. Over the last 12 months, the stock has plummeted 71%.
By Sophie Rose, Alliance News senior reporter
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Superdry (SDRY)
