Frasers Group revives bid to take control of Norwegian sports giant
Frasers Group has confirmed plans to make a mandatory offer for the remaining shares in Norwegian sportswear retailer XXL ASA
Frasers Group has confirmed plans to make a mandatory offer for the remaining shares in Norwegian sportswear retailer XXL ASA, weeks after withdrawing an initial bid.
The British retail giant has been allocated 21.6 million A-shares in XXL’s fully underwritten rights issue, along with an additional 777,289 A-shares as compensation for its guarantee in the issue.
This will bring its total stake to 32.9% of all shares and 40.8% of the voting A-shares, surpassing the one-third ownership threshold under Norwegian securities law and triggering an obligation to submit an offer for the remaining shares.
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The move comes after Frasers launched a bid back in December 2024 to acquire more than 50% of XXL at NOK 10 per share, valuing the company at NOK 246.35m (£17m). However, it abandoned the offer in February 2025, citing a lack of support from other major shareholders.
At the time, the Sports Direct owner also criticised an alternative transaction structure proposed by XXL, questioning its legality and calling it “detrimental to both Frasers and other minority shareholders.”
XXL operates 85 stores across Norway, Sweden, and Finland, alongside an online platform, employing over 4,000 people. The retailer specialises in products for sports and outdoor activities such as cycling, hunting, and skiing.
The latest bid comes as Frasers continues its international expansion efforts, having recently entered a ten-year strategic retail partnership with GMG to introduce Sports Direct stores across the Middle East and North Africa.
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