The British sports conglomerate, after acquiring a majority share, has announced it intends to make a mandatory offer for the remaining shares in XXL ASA.
For the second time in less than half a year, British Frasers Group has revealed that it is preparing a bid to become the owner of Norwegian outdoor and sports retailer XXL ASA, with its 86 stores in the Nordic countries.
“Frasers Group intends to make a mandatory offer for the shares of the company not owned by Frasers Group as required by the Norwegian Securities Trading Act,” the group said in its announcement to the Oslo Stock Exchange.
Following the recent share acquisition, Frasers holds approximately 32.9 percent of the total shares and 40.8 percent of the voting A-shares. As a result, Frasers can potentially influence the corporate governance and strategic direction of XXL ASA.
This is not the first time Frasers Group has tried to acquire XXL. The company made its first offer to become a new owner in December.
There was little comment from XXL’s side when SGI Europe asked what the company had to say about Fraser’s move. The company said that before it could comment there must be a “concrete offer on the table.”
XXL Chairman Håkan Lundstedt’s only comment was: “The Board is pleased that the rights issue has now been completed and notes that Frasers Group plc has thereby crossed the threshold for the obligation to make an offer. The Board now awaits what Frasers Group plc will do.”
