Superdry plc Addresses Julian Dunkerton’s Decision Against Making an Offer

Superdry plc (“Superdry” or the “Company”) has acknowledged Julian Dunkerton’s announcement from March 28, 2024, stating his decision not to pursue an offer for the Company. This confirmation by Superdry ends the offer period, indicating no takeover offer will be pursued by Dunkerton. The decision came after deliberations between the Transaction Committee and Dunkerton, concluding that a takeover would not offer favorable outcomes for shareholders or stakeholders within the ongoing turnaround context for Superdry.

Despite the setback, discussions are ongoing with Dunkerton regarding alternative proposals, notably a potential equity raise underwritten by him. This move would aim to provide extra liquidity for Superdry’s recovery efforts, albeit with a significant discount on current share prices and subject to approval and de-listing requirements.

The Company has made it clear that while discussions continue, there is no guaranteed agreement with Dunkerton. Superdry has committed to making further announcements as necessary, maintaining transparency in this uncertain period.