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Asos reportedly faced a £1bn takeover offer from Turkish online retailer Trendyol in December of last year.
According to The Sunday Times, the offer from Trendyol, which is backed by Chinese retail giant Alibaba, 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 It is believed there are no longer active talks between the two firms.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).
Asos also recently announced that it has raised £75m from shareholders as well as landing a lucrative refinancing deal based on its assets.
The online retailer has made a deal with Bantry Bay for a £275m asset-based financing facility which runs till April 2026.
The company estimates that there will be 11% annual interest on the credit.
The £75m the company received from shareholders has been fully underwritten by three shareholders, including the investment vehicle of Bestseller, owned by Anders Povlsen.
Alongside this, the retailer has also launched a separate retail offer of ordinary shares worth up to £5m.
The fundraising comes as new boss José Antonio Ramos Calamonte looks to cut costs as the business faces huge losses.
The company has launched a £300m “cost saving and optimisation 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.
