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(Sharecast News) - Mike Ashley's Frasers Group lifted its stake in Asos on Friday to 25.13% from 24.21%.
News of the increase came after it emerged earlier this week that largest shareholder Anders Holch Povlsen upped his stake in the online fashion retailer to just below the level that triggers a mandatory takeover offer.
According to a regulatory filing late on Wednesday, Danish billionaire Povlsen - who is also the second largest shareholder in Zalando and owner of clothing chain Bestseller - upped his stake from 27.1% to just over 28%.
In the UK, when a person or group has acquired 30% or more of a company's voting rights, this triggers an obligation to make a mandatory offer to the remaining shareholders.
Frasers Group remains the second-largest shareholder in Asos.
Asos shares were surging on Friday - up 22% at 313.60p at 1535 GMT - after the retailer lifted its profit outlook for the first half.
The company said it expects a "significant" improvement in profitability in H1 despite continued volume deleverage, "following a strong gross margin development driven by lower markdown activity and increased full-price mix, and continued cost discipline".
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