MARKET REPORT: Asos shares surge 7.1% on Turkish takeover talks
Daily Mail Asos shares were in demand following reports over the weekend that it had received a 1billion takeover bid last year.
The fast-fashion group, which owns Topshop and Miss Selfridge, was recently booted out of the FTSE 250. It was valued at between 10 to 12 a share in an offer from the Turkish online retailer Trendyol in December.
That was much higher than Asoss closing share price of 3.50 on Friday.
While talks with Trendyol which is backed by Chinas ecommerce giant Alibaba appear to have ended, the approach was seen as a sign that Asos was attracting interest from potential bidders.
That could see Asos become the latest household name to be taken off the London stock market.
Asos shares soared 7.1 per cent, or 24.8p, to 375.2p.
But the stock remains some way off its peak of more than 7700p in March 2018.
Asos declined to comment. The London-listed group last month tapped investors for 75million to shore up its finances and help fund a turnaround plan.
The retailer revealed losses of over 290million for the six months to the end of February as it was hit by pressure on household budgets.
