Asos in £1bn takeover bid from Turkish retailer
Asos received a £1 billion takeover offer from a company backed by China’s Alibaba: Trendyol made a bid in December for a value of £10 to £12 per share
Under siege: Asos has become one of the largest fashion retailers in the UK
Asos has received a £1 billion takeover offer from a company backed by China’s Alibaba, it emerged yesterday.
Turkish online retailer Trendyol made an offer worth £10 to £12 per share from Asos at the end of December.
That compares to the last closing price of £3.50 last Friday.
The beleaguered online brand has grown into one of the UK’s largest fashion retailers, devouring brands like Topshop.
But its value has fallen by more than 90 percent in recent years.
Online retailers got a boost during Covid, but shopping habits have changed as the high streets reopened and the cost of living came under pressure.
Asos recently reported a half-year loss of £291 million.
Last month it announced a £75 million fundraiser from investors. And last week it emerged that the company, valued at just over £400m, would be relegated from the FTSE 250
The Sunday Times reported that there were no ongoing talks between Trendyol and Asos.
Asos declined to comment. Trendyol could not be reached for comment.