Superdry extends PUSU deadline

British retailer Superdry has been granted an extension of its PUSU deadline as discussions surrounding a potential offer for the company remain ongoing alongside its turnaround plan.

Earlier this month, the company confirmed that it was exploring a possible buyout after a request by founder Julian Dunkerton to the board was approved, allowing him to pursue a cash offer for the issued share capital of the company not owned by him and “commence discussions with potential sources of finance”.

Dunkerton and the company had initially been set the deadline of March 1 by the London Stock Exchange (LSE), on which Superdry is currently listed, prior to which they were to have found a third-party that could provide a firm intention to make an offer or confirm there was no intention to do so.

As the deadline came round, LSE’s Takeover Panel has said that it has now consented to extend the relevant deadline to March 29.

A regulatory filing with the LSE noted: “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.”