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Surfstitch CEO quits as takeover looms

surfstitchOnline sportswear retailer, Surfstitch, have today announced CEO and managing director, Justin Cameron, has resigned in order to join a private equity group ahead of a looming takeover of the company.

“The company stresses that is has not to date, received any formal or informal proposal form, nor has it had any discussions with private equity in relation to any potential acquisition of the company,” Surfstitch group said in a statement.

Following the announcement, Surfstitch have formed an independent board committee to consider and respond to any proposed takeover bids.

“Any proposal received by the company would be assessed on its merits and in the context of maximising shareholder value as it would in the ordinary course,” the company said.

Chairman, Howard McDonald will oversee daily operations in the interim.

The independent board committee has engaged UBS to act as financial adviser and Herbert Smith Freehills to act as its legal adviser.

Surfstitch said it had no further update to the recently released half yearly results.

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