Shares in ASOS PLC (LSE:ASC) jumped 13% on Thursday after the online fashion group's largest shareholder, Denmark's Polvsen family, had upped their stake to over 28%.
In a regulatory statement after the previous day's close, the increased holdings were revealed, with Danish billionaire Anders Holch Povlsen, CEO of the Bestseller retail chain, upping his stake, and two vehicles under the name of his 75-year-old father, Troels Holch Povlsen, Bestseller's founder.
The Danish family's stake increased from 27.1% to 28.01%, with a holding 33,431,503 shares in Asos.
Under UK takeover rules, once their stake exceeds 30% the Polvsens will be obliged to make a mandatory offer for the whole company, unless an exception is agreed.
Also holding a large stake in Asos is Mike Ashely's Frasers Group PLC (LSE:FRAS), which last week increased its holding to 24.2% from 23.4%.
Earlier this week the shares fell to their lowest since 2009, knocked by a downgrade by Exane BNP Paribas, down 47% since the start of the year.
Exane analysts cut their rating to ‘underperform’ from ‘neutral’ and their target price 20% to 200p.
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