Frasers ups stake in Asos for second time in a week
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 upped its stake in embattled online retailer Asos for the second time this week.
Frasers has increased its stake to 9.8%, up from the 8.8% established on Tuesday ( 6 June).
The investment has sparked rumours of potential interest in a takeover offer with the group starting the week holding 7.4% shares.
Frasers is currently Asos’ fourth largest shareholder having originally increased its holdings 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 It is believed there are no longer active talks between the two firms.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).
In its most recent results, 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.
