The spectacular ups and downs of Superdry’s time as a stock market-listed company could be close to an end. After months of speculation, co-founder and CEO Julian Dunkerton has confirmed that he’s mulling an offer to take it private.

The firm’s share price more than doubled on Friday in reaction to the news, with the 118% increase giving the business a market valuation of £46 million. That was up from a little over £20 million only a day earlier but well down on its billion-pound-plus value back in 2018.

So what do we know so far? The company said Friday that “the Chairman of Superdry previously received a request from Julian Dunkerton for permission to begin exploring the possibility of making an offer for the company and to commence discussions with potential sources of finance.

“The company formed an independent… Transaction Committee. Julian Dunkerton has since confirmed to the Committee that he is engaged in discussions with potential financing partners for the purposes of considering options in respect of the company, which may include a possible cash offer for the entire issued and to be issued share capital… not already owned by him. These discussions are at a preliminary stage and no decisions have been made”.

It added that as it had said on 29 January, 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”.

So what happens now? Based on London Stock Exchange takeover rules, Dunkerton needs to “either announce a firm intention to make an offer for Superdry… or announce that he does not intend to make an offer” by 17:00 on 1 March.

Of course, news that the company is in play could bring other potential buyers out of the woodwork and there are plenty of those with very deep pockets. Yet they would need to get Dunkerton’s agreement as he holds a chunky 26% stake in the firm, as well as getting co-founder James Holder on board as he owns more than 7%.

Norwegian investment fund First Seagull has recently built a 5.3% stake in the business, sparking even more takeover rumours last week.

On Thursday it was revealed that takeover speculation was mounting around the embattled retailer after it emerged that First Seagull was building its stake. And The Times reported that the fund “considers Superdry to be ripe for a bid” after a number of profit warnings and weak results.

The newspaper also said Superdry “is understood to have cancelled a planned meeting with investors, which fuelled the speculation still further”.

Serial acquirer Authentic Brands Group (which earlier bought Ted Baker, Forever 21 and Hunter), and American private equity giant Sycamore Partners, “are said to have Superdry on their radars” too, which is no surprise.

News that there was concrete interest in the business sent its share price upwards on Thursday, although as of Friday morning, the shares were still only changing hands for less than 22p each before the Dunkerton news ignited the share price.

A source told The Times that “it’s just a matter of time before there’s an offer” and the news about the CEO’s interest meant that was certainly true.