GLAZER CLOSER TO UNITED DEAL
US sports tycoon Malcolm Glazer has formally launched his £790.3million takeover bid for Manchester United after winning the support of the club's biggest investor.
A statement from Glazer's Red Football bid vehicle said he will pay 300p a share to acquire the 28.7 per cent stake held by Irish racing tycoons JP McManus and John Magnier.
The deal means Glazer has control of the club with a 56.9 per cent stake, but he needs more than 75 per cent of shares for the offer to go unconditional. He will now make an offer for the remaining shares.
It comes a fortnight after the board of Manchester United said it would not be recommending the takeover proposal to investors because Glazer’s business plan appeared “aggressive”.
Glazer clinched the deal with the Cubic Expression vehicle of McManus and Magnier less than a week before a deadline set by the Takeover Panel for a formal offer was due to expire.
It also takes place as Manchester United prepare for the FA Cup final against Arsenal on May 21 after missing out on the Barclays Premiership title.
Glazer first expressed an interest in acquiring the club last autumn and tabled a formal proposal in October, which was knocked back by the board after talks.
Manchester United - led by chief executive David Gill - admitted they were worried that a takeover by Glazer would leave the company saddled with too much debt.
In a statement on April 28, the club said the price indicated by Glazer was fair but it believed the proposals would put “significant financial strain” on the business.
Some United supporters are opposed to the takeover bid and formed a shareholders’ association to buy club shares and try to thwart Glazer’s takeover ambitions.
United issued a statement noting the announcement and said it was waiting for formal terms of the offer from Glazer to be published.
The statement on the club's official website
www.manutd.com said: “A further announcement will be made once the board has reviewed that announcement.”
Glazer paid £227.2million for the stake held by the Irishmen and it is thought the pair have made a £70million profit on their original investment.
If the US sports tycoon secures more than 75 per cent of shares, he can take Manchester United private and de-list it from the London Stock Exchange.
Gaining the support of investors owning more than 90 per cent of the club would allow him to make a compulsory purchase and vacuum up the remaining shares. But this could prove difficult as the supporters own 18 per cent of Manchester United and are unlikely to be willing to sell up.
From Premierleague.com
Glazer купил MU
