RE: £1Billion bid all over Internet!5 Jun 2023 08:30
Struggling Asos received a £1bn approach from Turkish online retailer Trendyol, which is backed by Chinese giant Alibaba, late last year.
The deal would have valued the etailer at between £10 and £12 a share, substantially higher than the £3.50 they are now valued at.
Trendyol is understood to have been working with Morgan Stanley on the bid, according to The Sunday Times, however there are no talks underway currently.
Trendyol, which raised $330 million (£265 million) from Alibaba in 2021, is thought to have contacted Bestseller owner Anders Holch Povlsen, Asos’ largest shareholder, about the deal to see if he would participate.