Superdry CEO abandons takeover as Hilco extends funding facility
The news comes after Julian Dunkerton’s deadline to make an offer for the retailer was extended earlier this month
Superdry CEO Julian Dunkerton’s plan to takeover the group has fallen through, as the fashion retailer has announced a funding facility extension of £20m with Hilco.
The news comes after Dunkerton’s deadline to make an offer for the retailer was extended earlier this month.
A statement in the London Stock Exchange confirmed that Dunkerton does not intend to make an offer for the business and that the retail group is “no longer in an offer period”.
While Dunkerton remains “fully committed” to the business and is mulling an equity raise, Superdry confirmed in a statement that an offer from the CEO would be “unlikely to deliver an outcome for shareholders”.
Dunkerton is reportedly in discussions with the business over a possible equity raise, which would be fully underwritten by him, boosting Superdry’s liquidity for its turnaround.
However, this would be “conditional on a delisting” of the business at a “very material discount to the current share price”.
Despite this, Superdry said a transaction with Dunkerton is not guaranteed and a further announcement will be made “as appropriate”.
The company is to benefit from £10m of the funding facility immediately, with the other £10m to be made available for the working capital peak between September and November this year.
