Frasers Group raises Asos stake
The news comes as the embattled online retailer was the target of a £1bn pound takeover bid from Alibaba-backed Turkish retailer Trendyol in December of last year
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Mike Ashley’s Frasers Group has increased its stake in online retailer Asos from 7.4% to 8.8% according to a shareholder update posted yesterday.
Frasers is currently Asos’ fourth largest shareholder having originally increased its stake to over 5% back in October of last year.
The news comes as the embattled online retailer was the target of a £1bn pound takeover bid from Alibaba-backed Turkish retailer Trendyol in December of last year.
According to The Sunday Times, the offer from Trendyol valued the retailer between £10 and £12 a share.
The outlet added that Trendyol had engaged advisers from Morgan Stanley to help with the offer. It is believed there are no longer active talks between the two firms.
Last week Asos fell off the FTSE 250 with its shares closing at £3.50 on Friday (2 June).
New boss José Antonio Ramos Calamonte also recently launched a cost saving programme which has so far seen job cuts, warehouse closures and a mass stock write-off.
Asos reported a pre-tax loss of £290.9m for the six months to 28 February, compared with a £15.8m loss the year before.
