LONDON – Frasers Group PLC announced today its intention to make a voluntary offer for all outstanding shares of XXL ASA, a move that would further consolidate its position as a major shareholder in the Norwegian retail company. The offer, priced at 10 Norwegian kroner per share, values XXL’s fully diluted share capital at approximately 246.3 million kroner.
The proposed acquisition comes as the latest strategic effort by Frasers Group, which currently stands as the second-largest shareholder in XXL, to expand its influence in the retail sector. Michael Murray, CEO of Frasers Group, stated that their industry experience and strategic vision make them well-suited to support XXL through its current challenges, aiming to unlock the full potential of the company.
The offer announcement follows careful consideration by Frasers Group of its options regarding its investment in XXL. It represents a significant move in the retail industry, as Frasers Group continues to position itself as a key player in the market.
The details of the offer, including the proposed timing and conditions, have not been disclosed beyond the initial announcement. It is also subject to regulatory approvals and other customary conditions. Frasers Group has made it clear that the announcement is not an investment recommendation and that interested parties should seek independent financial advice.
Frasers Group’s announcement is based on a press release statement and has not been independently verified. It is intended for informational purposes and does not constitute an inducement or offer to purchase or sell securities. The company has disclaimed all responsibility for any person accessing the announcement in violation of any law or regulation.
Investors and market watchers will be closely monitoring the response from XXL ASA and the impact this offer will have on its share price and the broader retail market. The announcement is a clear indication of Frasers Group’s commitment to expanding its retail portfolio and its belief in the potential of XXL ASA.
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