In February this year Frasers Group withdrew the previously announced cash offer proposal to acquire all outstanding shares of XXL. Credit: Shutterstock.

Frasers Group announced to the London Stock Exchange and Oslo Stock Exchange it intends to make a mandatory offer for the remaining shares in XXL ASA after acquiring a majority share.

After the recent share acquisition, Frasers owns approximately 32.9% of all shares and 40.8% of the voting A-shares, potentially impacting XXL ASA’s corporate governance and strategic direction.

“Frasers Group intends to make a mandatory offer for the shares of the company not owned by Frasers Group as required by the Norwegian Securities Trading Act,” it said in its announcement to the Oslo Stock Exchange.

Last December, Frasers Group proposed to purchase all outstanding shares it did not already possess in XXL against a backdrop of internal debates over the company’s financial recovery plan.

Then in February this year, it withdrew the previously announced cash offer proposal to acquire all outstanding shares of XXL.

Frasers Group cited insufficient backing from XXL’s shareholders as the key factor for halting its takeover attempt.

XXL is renowned for its extensive product offerings catering to sports enthusiasts and outdoor activities such as biking, hunting, and skiing, among others.

The company operates a network of more than 85 stores across Norway, Sweden, and Finland and maintains a strong online presence. With a dedicated workforce exceeding 4,000 employees, XXL is a significant force in the Nordic retail market.

Last month, Frasers announced a partnership with global retailer GMG to open 50 Sports Direct stores across Gulf and Egypt, a move welcomed by industry onlookers.