Superdry PLC said it extended a deadline for Chief Executive Officer Julian Dunkerton to announce a firm intention to make a takeover offer, amid ongoing talks.

The Cheltenham, England-based clothing retailer said the put-up-or-shut-up deadline for Dunkerton has been extended to March 29.

Superdry shares were 9.2% to 36.60 pence each on Friday morning in London. They are 70% lower than a year ago and down 93% from five years ago. Over the past month, however, the shares are up 73% amid the take-private talks.

Early in February, Dunkerton confirmed that he is in discussions with potential financing partners. This could include a possible cash offer for all Superdry shares not already owned by him. Dunkerton, who founded Superdry in 1985, currently has a 26% stake.

Later last month, Sky News reported that Davidson Kempner, a New York-based investment management firm, is in discussions with Dunkerton about backing an offer for Superdry.

‘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,’ Superdry said.

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