Superdry shares surged higher on Friday amid takeover speculation after an investment fund took a 5% stake in the company.
Superdry shares were over 80% higher at the time of writing on Friday.
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Norwegian investment fund First Seagull has taken a 5.3% stake in the beleaguered fashion brand.
For a new investor to buy into the company after a string of poor results suggests their intentions are to reshape the business rather than support existing management and operations.
Superdry has been dogged by falling sales as its brand loses appeal among consumers.
Revenue was down more than 23% in the most recent half-year period and alluded to financial challenges that could lead to the sale of more intellectual property.