The British retail group Frasers Group Plc has once again caused a stir with an aggressive takeover plan. On Thursday, the group announced its intention to acquire all outstanding shares in the troubled Norwegian sporting goods chain XXL ASA. The group recently failed in its attempt to take over the leather goods specialist Mulberry without prior consultation with management.
According to its own information, the Frasers Group already holds around 26 percent of the share capital and almost a third of the voting rights of XXL. This makes the British the second largest shareholders in the company. The group now wants to pay the remaining shareholders ten Norwegian kroner per share. The retailer’s market value is estimated at just under 246.3 million Norwegian crowns (20.9 million euros).
The Frasers Group cited a recently decided controversial capital increase at XXL as well as the retail chain’s major financial difficulties as reasons for the offer. “Our strategic vision and industry experience puts us in a unique position to help XXL overcome current challenges,” Frasers CEO Michael Murray said in a statement. “We are committed to ensuring that XXL reaches its full potential.”
