|
|
Man United to put Glazer bid to shareholders (go back to the homepage) LONDON: Manchester United's board will not recommend a Stg800 million ($NZ2.13 billion) takeover bid by American tycoon Malcolm Glazer but will let the club's shareholders decide on the offer. The directors of the 15-times English champions are locked in negotiations with Glazer's advisers over the wording of a statement to shareholders which is expected this week. "They're basically saying to shareholders that the price is fair and that they should be mindful of that but we can't recommend it because of the large amount of debt involved," a source said. Glazer, who has had two bids for United rebuffed, has offered 300 pence a share in cash, a premium of nearly 10 percent to its share price of 274p on Wednesday. Despite days of talks, however, the board has told the US tycoon that it cannot recommend the offer because of Stg300 million of debt Glazer plans to load on to United's balance sheet to finance the deal. "There's no recommendation, there'll be some views, but it is ultimately up to shareholders," the source added. With no recommendation, the spotlight will once again fall on United's two biggest shareholders, John Magnier and J.P. McManus, who own nearly 30 percent of the club. Glazer's last attempted bid collapsed after talks with the Irish pair fell through. |