Frasers Group stops taking over the Norwegian company XXL ASA

The British retail giant Frasers Group has announced that it does not pursue its planned offer for the Norwegian sporting goods dealer XXL ASA.

In a message published by the Oslo stock exchange, Frasers explained that the offer was linked to several conditions and therefore “the right was reserved not to continue” if “it should turn out that one of the conditions mentioned” was not fulfilled “.

The decision to withdraw was made when the other main part -time owners: announced on the inside of XXL that they would refuse to accept the acceptance in the event of an offer. The condition would not be fulfilled that a sufficient number of shareholders: Inside Frasers supports more than 50 percent of XXL shares in his endeavor.

The owner of Sports Direct, who already holds 25.8 percent of the XXL share capital, had Originally tried to acquire the remaining shares of the company at a price of 10 Norwegian crowns per sharewhich corresponds to an amount of around £ 17m (around 20.5 million euros).

XXL’s attempted takeover took place 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”.

Frasers noted that XXL “does not have sufficient means to pay its suppliers: to pay inside”, and explained that the planned takeover was a “solution to these liquidity bottlenecks, which also helps with the shortage of goods”.