COPENHAGEN (Reuters) - British sportswear and fashion group Frasers said on Thursday it would not proceed with its bid for Norwegian sporting goods retailer XXL ASA, saying several of XXL's other
Frasers Group Withdraws Bid for Norway's XXL Retailer
COPENHAGEN (Reuters) - British sportswear and fashion group Frasers said on Thursday it would not proceed with its bid for Norwegian sporting goods retailer XXL ASA, saying several of XXL's other large shareholders would not accept the offer.
Frasers, which already holds 25.8% of the issued share capital of XXL in December launched a bid offering 10 Norwegian crowns ($0.8998) per share for the equity it did not own in the company.
"Through correspondence with XXL, Frasers has been informed that XXL's other large shareholders would not accept the intended offer if made," Frasers said in a statement on Thursday.
The company said the condition requiring acceptance of its offer by a sufficient number of shareholders to ensure Frasers would hold more than 50% of XXL's shares and votes would therefore not be fulfilled.
($1 = 11.1141 Norwegian crowns)
(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)
