(Alliance News) - Asos PLC received a takeover approach from a Turkish company backed by China's Alibaba Group Holding Ltd, the Sunday Times reported, citing "City sources".
The sources said online fashion retailer Trendyol BV approached its UK peer in late December with a potential deal that would have valued Asos at between GBP10 and GBP12 a share, triple its current price. This would have valued Asos at more than GBP1 billion.
The Times said there are no live talks, and Asos and Trendyol declined comment.
https://www.thetimes.co.uk/article/asos-on-bid-alert-after-approach-from-alibaba-backed-rival-zgsrzbkfg
Asos shares will drop out of the FTSE 250 index from Monday, June 19, having been demoted at the quarterly review last week. Asos shares closed up 2.5% on Friday at 350.37 pence but are down 78% over the past 12 months.
In December alone, when the Times said the bid approach took place, the stock lost 21%, falling from 643.50p at the start of the month to 510.50p by the end.
Alibaba closed up 1.5% at USD84.27 in New York on Friday.
By Tom Waite, Alliance News editor
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ASOS (ASC)