The Frasers Group is targeting XXL ASA again. The British trading group made an explanation through the Oslo Stock Exchange in which it confirmed that he wanted to submit a mandatory offer for the remaining shares of the Norwegian sporting goods dealer.
As part of a capital increase announced by XXL in January, Frasers will receive almost 28.8 million A shares, which corresponds to around 32.9 percent of all shares in the company and around 40.8 percent of the voting A shares. This means that Frasers exceeds the one-third threshold, which triggers the obligation to submit an offer for the remaining shares of the company that are not yet in its possession.
This message comes just a few weeks after Frasers had declared that the intended offer for XXL did not continue to pursue after a number of great shareholders: Inside that they would reject the offer in the event of a levy. This meant that the condition that a sufficient number of shareholders: inside Frasers must not support more than 50 percent of XXL shares.
Before the capital increase, the owner of Sports Direct kept 25.8 percent of the XXL share capital and originally tried to acquire the remaining shares of the company at a price of ten Norwegian crowns per share, which corresponds to an amount of around 17 million pounds (around 20 million euros).
Frasers made an attempt to take over from XXL after the company proposed an alternative transaction structure that Frasers considered “wrong”. The group questioned the legality of the plan and described its possible implementation as “disadvantage for both Frasers and for other minority shareholders: inside”.
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