The board of the financially troubled Norwegian sports retail chain XXL does not believe that the British major owner Frasers Group's bid for all shares will succeed, reports Dagens industri.
The board states that they have had a dialogue with a majority of the owners and interpret the response as the bid not being accepted by particularly many.
The share in XXL soared 65 percent on the Oslo Stock Exchange after the statement.
Frasers has offered the remaining owners 10 kronor per share, which would imply a premium of 25 percent compared to the closing price of the XXL share the day before the bid was presented.
The market value of XXL would, with the bid level, become approximately 246 million Norwegian kronor.
According to Dagens industri, the Norwegian finance family Andresen, with the investment company Ferd, has increased its holding to over 10 percent.
Among XXL's major owners is Altor, with the Swedish financier Harald Mix, who holds around 45 percent of the capital.
