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LONDON - Frasers Group PLC has announced preliminary results of its mandatory offer for XXL ASA, indicating that it will control over 92% of the share capital and 90% of the voting shares of the Norwegian sports retailer upon completion. This development follows XXL’s recent disclosure of liquidity issues and supply chain delays.
The offer document, dated April 14, 2025, outlined the terms of the acquisition, with the final results pending confirmation. Frasers Group, which had previously offered assistance to XXL, now faces the task of stabilizing a business that has been unable to implement its turnaround plan, resulting in a continued decline in financial and trading performance.
Frasers Group acknowledges the severity of XXL’s situation, emphasizing that the future of the company is uncertain and its salvage in its current form is not guaranteed. The group is calling for a collaborative effort from XXL’s stakeholders, including brand partners, landlords, and suppliers, to address the crisis.
This acquisition comes at a time when XXL has been struggling to navigate through its financial and operational challenges. Frasers Group’s efforts to stabilize the business will require a thorough assessment of XXL’s viability and the potential restructuring measures that may be necessary.
The information in this article is based on a press release statement from Frasers Group PLC.
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