(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. Asos shares closed up 2.5% on Friday at 350.37 pence but are down 78% over the past 12 months.

Source: The Times June 04, 2023 09:11 UTC