Julian Dunkerton walks away from Superdry takeover bid

In an announcement immediately (28 March), the corporate mentioned it has concluded {that a} takeover provide from Dunkerton “is unlikely to ship an end result for shareholders, or stakeholders extra broadly, that the transaction committee and Julian Dunkerton are assured may be executed within the context of the corporate’s ongoing work on its turnaround plan and materials value saving choices.”

On 2 February, it was revealed that Dunkerton was engaged in discussions with potential financing companions about making a doable money provide for the enterprise. On 1 March, the deadline for a suggestion was prolonged to 29 March.

Superdry added that Dunkerton stays “absolutely dedicated” to the corporate over the long run and is in discussions with the corporate in respect of other buildings, together with a doable fairness increase absolutely underwritten by him, which might “present further liquidity headroom for the corporate’s turnaround plan”.

In the meantime, the retailer introduced immediately that it has agreed an extension and enhance to its secondary lending facility with Hilco.

The ability is to be prolonged by six months to 7 February 2025 and can see a further £10m made obtainable instantly and an extra £10m obtainable between September and November. The rate of interest of the funding is 11.5% plus the Financial institution of England base charge on the drawn component.

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