Shirebrook retail giant Frasers Group has announced a takeover offer for XXL ASA (XXL), a Norwegian sporting goods retailer.
Frasers Group is the second largest shareholder in XXL, and intends to launch a voluntary offer for all of the shares in the business which it does not already own in a deal that values the firm at over £17.4m.
Michael Murray, CEO of Frasers, said: “Our strategic vision and industry experience position us uniquely to help XXL navigate its current challenges. We are committed to ensuring that XXL reaches its full potential.”
It comes as XXL is reported to be suffering from an inability to access adequate levels of appropriate stock, damaging sales volumes. Frasers says it is willing to support XXL to address the stock shortage, provide XXL with products and brands that will make its retail offering more attractive, and ease XXL’s cash requirements.
