Britain's Frasers drops bid for Norway's XXL

Xxl AS

20/02/2025 15:56

COPENHAGEN, Feb 20 (Reuters) - British sportswear and
fashion group Frasers  FRAS.L  said on Thursday it would not
proceed with its bid for Norwegian sporting goods retailer XXL
ASA  XXL.OL , saying several of XXL's other large shareholders
would not accept the offer.
    Frasers, which already holds 25.8% of the issued share
capital of XXL in December launched a bid offering 10 Norwegian
crowns ($0.8998) per share for the equity it did not own in the
company.
    "Through correspondence with XXL, Frasers has been informed
that XXL's other large shareholders would not accept the
intended offer if made," Frasers said in a statement on
Thursday.
    The company said the condition requiring acceptance of its
offer by a sufficient number of shareholders to ensure Frasers
would hold more than 50% of XXL's shares and votes would
therefore not be fulfilled.

($1 = 11.1141 Norwegian crowns)

 (Reporting by Louise Breusch Rasmussen, editing by Terje
Solsvik)
 ((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))