Superdry CEO Dunkerton decides against bid for fashion chain

Superdry CEO Dunkerton will not bid: Julian Dunkerton, CEO and major shareholder of Superdry, has announced that he will not be making an offer to acquire the company, as stated by both parties on Thursday. 

Despite Dunkerton's 26 per cent stake in the company and discussions regarding various options, including a potential cash offer for outstanding shares, a bid is currently off the table. 

However, Superdry revealed ongoing discussions with Dunkerton regarding alternative structures, including a potential equity raise. 

The decision comes amid the fashion chain's efforts to address weak demand and financial constraints. 

Additionally, Superdry disclosed an agreement to extend and increase its secondary lending facility with Hilco Capital, providing further support for its turnaround plans. 

Despite challenges, both Dunkerton and Superdry expressed confidence in existing efforts to deliver shareholder value, stressing the unlikelihood of a takeover offer yielding superior outcomes. 

Giles David, interim finance chief, is set to join the operational board to assist in these initiatives and discussions with Dunkerton. 

Superdry's stock settled approximately 5 per cent lower on Thursday, reflecting ongoing market challenges highlighted by the company earlier in the year.

(With Reuters Inputs)