Finance
Britain's Frasers drops bid for Norway's XXL
Published by Global Banking & Finance Review®
Posted on February 20, 2025
1 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 20, 2025
1 min readLast updated: January 26, 2026
Frasers Group has withdrawn its bid for Norwegian retailer XXL ASA due to insufficient shareholder support, maintaining its 25.8% stake.
COPENHAGEN (Reuters) - British sportswear and fashion group Frasers said on Thursday it would not proceed with its bid for Norwegian sporting goods retailer XXL ASA, 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)
Frasers Group's decision to withdraw its bid for Norwegian retailer XXL ASA due to lack of shareholder support.
Frasers withdrew the bid because XXL's large shareholders would not accept the offer, preventing Frasers from securing a majority stake.
Frasers offered 10 Norwegian crowns per share for the equity it did not own in XXL ASA.
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