Frasers Group will launch a bid to buy the shares of Norwegian sports-equipment retailer XXL it doesn't already own after its stake passed the threshold that requires a mandatory takeover offer.

The U.K. sports-fashion retailer said Tuesday that it now owns nearly 33% of XXL's shares and almost 41% of A-voting shares.

Frasers participated in XXL's recent rights issue, which raised 600 million Norwegian kroner ($56.9 million) at 10 kroner a share, and its shareholding reached the threshold that requires companies to make a mandatory offer under the Norwegian Securities Trading Act.

Frasers didn't disclose the price it plans to pay but said it would make a further announcement in due course. XXL's shares were suspended at 12.40 kroner in European midday trading.

Frasers had said in December that it would launch a takeover offer for XXL at 10 kroner a share, valuing the company at around $22 million at the time, but dropped the bid a few months later. It said at the time that the bid wouldn't be accepted by a sufficient number of shareholders.