UK-based fashion retailer ASOS had secured a takeover bid from Turkish online retailer Trendyol, British daily newspaper The Times reported.

The newspaper reported that Trendyol, which approached ASOS in December 2022, offered between £10 and £12 for each share of the retailer.

As per Bloomberg’s calculations, this price would give ASOS an estimated value of between £1.2bn and £1.4bn.

The Turkish retailer reportedly approached ASOS’ largest shareholder Anders Holch Povlsen, a Danish billionaire who holds a 26% stake in ASOS.

Trendyol is backed by China’s Alibaba and is said to have been working with Morgan Stanley advisers.

There are currently no ongoing talks between Trendyol and Asos.

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For the six months to 28 February 2023 (H1 FY23), ASOS saw its revenue decline by 7% to £1.84bn and reported a loss before tax of £290.9m.

The troubled online fashion retailer also reported adjusted earnings before interest and taxes (EBIT) loss of £69.4m in H1 FY23.

Following the bid alert, its shares closed at £3.50 on Friday. The company was valued at more than £7bn two years ago.

In October 2022, UK-based retail company Frasers Group raised its ownership in ASOS to 5.1%, making it the online retailer’s fourth-largest shareholder.