Asos was reportedly approached for a £1bn takeover bid by Turkish fast-fashion retailer Trendyol.
The Turkish platform is backed by Chinese c-commerce giant Alibaba and is understood to have approached Asos in late December when it struggled with softening sales, according to a report in The Times.
Up-and-coming fast-fashion etailer Trendyol was said to be working with Morgan Stanley to make the offer and approached Asos’ largest shareholder Anders Povlsen to participate in the deal. Povlsen’s investment vehicle declined to comment to The Times.
The deal would have valued Asos’ shares at between £10 and £12 each. Shares at the etailer traded between £6.79 and £4.86 in December.
It is understood talks between both companies are not active.
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