Asos share price jumps after reports of £1bn takeover bid

Asos‘s share price jumped 11.8 per cent today after a report emerged that the retailer received a £1bn takeover bid from a Turkish retailer backed by Chinese e-commerce giant Alibaba.

Turkish online retailer Trendyol put in an offer valuing Asos at £10 to £12 a share in late December. That compares to its latest closing price of £3.50 last Friday. Asos shares jumped 10 per cent to £3.86 on Monday morning.

Trendyol, an up-and-coming fast fashion retailer, was understood to have approached Asos in late December, according to a report in The Sunday Times, whilst the brand was facing dwindling sales and operational changes.

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