Asos got a £1.4 billion deal last year.

The Sunday Times reported that people familiar with the issue in London told them that Asos Plc was approached by Turkish online retailer Trendyol to take over the company in December.

People familiar with the matter informed the newspaper that the proposed deal valued each share of the online fashion retailer between £10 to £12, according to calculations. Calculations show that a deal at this price would have valued the shares of the online fashion retailer at between £1.2 and £1.4 billion.

Asos shares were traded in December between £6.79 to £4.86. They ended Friday at just over £3.50. The companies have ceased to communicate and neither company has commented to the newspaper.

The people who spoke to the newspaper said that Trendyol approached Anders Holch Povlsen – the biggest shareholder of the clothing retailer – and asked if he was interested in taking part. Povlsen’s investment vehicle declined comment.