SurfStitch CEO quits amid takeover speculation
CEO and managing director of SurfStitch, Justin Cameron, has resigned in order to join a private equity group ahead of a looming takeover bid of the company.
“The company understands Mr Cameron is pursuing an opportunity relating to a potential acquisition of the company in conjunction with private equity,” SurfStitch said in a statement.
“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 said.
SurfStitch has 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.