Mike Ashley’s Frasers Group said on Thursday that it has abandoned its pursuit of Norwegian sporting goods retailer XXL.
Frasers Group
20 February 2025 17:57:52
Source: Sharecast
Frasers announced in December that it was launching a voluntary offer for all the shares in XXL that it does not already own at 10 Norwegian kroner per share.
The offer valued XXL at approximately NOK246.36m.
But the company - which owns Sports Direct and Jack Wills, among others - said on Thursday that through correspondence with XXL, it was informed that the retailer’s other large shareholders would not accept the intended offer if made.
"As a result, Frasers has concluded that the condition requiring acceptance of the intended offer by a sufficient number of shareholders to ensure Frasers would hold more than 50% of XXL’s shares and votes on a fully diluted and converted basis would not be fulfilled," it said.
"Against this background, Frasers has decided not to proceed with the intended offer."
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