(Bloomberg) -- Asos Plc received a takeover approach from Turkish online retailer Trendyol in December, the Sunday Times reported, citing people in the City of London familiar with the matter.

The proposed deal would have valued the online fashion retailer’s shares at between £10 and £12 each, people familiar with the matter told the newspaper. A deal at that price would value the company’s shares at between £1.2 billion and £1.4 billion, according to Bloomberg calculations.

Asos’ shares traded between £6.79 and £4.86 in December. They closed at just over £3.50 on Friday. Talks between the companies are no longer active and both declined to comment to the newspaper.

Trendyol, who was working with advisers from Morgan Stanley on the deal, approached Anders Holch Povlsen, the clothes retailer’s largest shareholder, to see if he would be interested in participating, the people told the newspaper. Povlsen’s investment vehicle declined to comment to the Sunday Times.

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