Superdry shares plummet as CEO rules out takeover [Video]

The chain’s share price has slumped by more than 90 percent in value over the last five years.Photo: Emmanuel DUNAND / AFP/FileSource: AFP

Shares in troubled British clothing brand Superdry dived Tuesday after its chief executive ruled out a takeover of the troubled company.

Superdry had previously stated in February that co-founder and CEO Julian Dunkerton was exploring the possibility of making an offer, sending its share price soaring at the time.

However, shares tumbled more than 50 percent to 14.14 pence in London afternoon deals on Tuesday after Dunkerton indicated he had decided against such a move.

“The company notes (the) announcement from Julian Dunkerton that he does not intend to make an offer for Superdry,” the firm said in a statement following discussions.

The group and Dunkerton “have together concluded that a takeover offer … is unlikely to deliver an outcome for shareholders”.

Dunkerton was still talking with …