Superdry surges as First Seagull takes 5.3% stake

2nd Feb 2024 09:17

(Sharecast News) - Superdry shares rocketed on Friday after it said chief executive Julian Dunkerton is considering making an offer for the fashion brand and is currently in talks with potential sources of finance.

Shares in the company had already surged on Thursday and earlier on Friday, after it emerged that Norwegian alternative investment fund First Seagull had taken a 5.3% stake.

But the stock shot even higher after Superdry said Dunkerton - who co-founded the group - is in talks with potential financing partners as he looks to buy up the shares he doesn't already own.

"These discussions are at a preliminary stage and no decisions have been made," Superdry said.

"As announced on 29 January 2024 and in line with the company's turnaround strategy, the company also continues to work with advisers to explore the feasibility of various material cost saving options.

"Whilst there is no certainty that any of these cost savings options will be progressed, they aim to build on the success of the cost saving initiatives carried out by the company to date and position the business for long-term success."

At 1350 GMT, the shares were up 108% at 44.05p.

In a report earlier on Friday, The Times said it was understood that First Seagull considers Superdry to be ripe for a bid after a series of profit warnings over the past year dented its share price. US private equity firm Sycamore Partners and Ted Baker owner Authentic Brands Group are said to have Superdry in their sights.