Deadline for Superdry takeover bid extended

(Sharecast News) - Superdry said on Friday that the Takeover Panel has agreed to extend the "put up or shut up" deadline for co-founder and chief executive Julian Dunkerton to either announce a firm intention to make an offer for the company or walk away. The deadline has been extended from 1 March to 29 March as talks are ongoing.

"Discussions with Julian Dunkerton and potential sponsors regarding a possible offer for the company remain ongoing alongside the company's continued work on its turnaround plan, including its exploration of various material cost saving options, which is expected to be an important element of any such offer," the fashion retailer said in a statement.

Superdry announced last month that Dunkerton was considering making an offer and that he was in talks with potential sources of finance.

At 0915 GMT, the shares were down 8.9% at 36.74p.