Frasers Group withdraws takeover bid for XXL ASA

Frasers Group has officially withdrawn its voluntary offer to acquire shares in Norwegian sporting goods retailer XXL ASA, which was initially proposed at NOK 10 per share, valuing the company at approximately NOK 246 million (£17.45 million). The decision was made after Frasers learned that XXL's other major shareholders would not support the offer, preventing Frasers from achieving the necessary shareholder approval to gain more than 50% ownership. Frasers had expressed confidence in its ability to help turnaround XXL, which has faced profitability challenges and declining revenues. The company holds a significant stake in XXL, with 25.8% of issued share capital and 32.5% of voting rights. This withdrawal follows a series of struggles for XXL, which has reported ten consecutive quarters of negative growth. Frasers had previously indicated a willingness to assist with stock shortages through a financial arrangement, but this plan has now been abandoned.