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jamesp_1927
28-04-2005, 05:48 PM
US tycoon Malcolm Glazer has been given an ultimatum over his bid ambitions for Manchester United.
The UK's Takeover Panel says Mr Glazer must make known by midday on 17 May whether he plans to launch a bid.

Mr Glazer has been in talks with Manchester United over a potential 800m ($1.5bn) offer for the world's wealthiest football club.

The club's board said the business plan is "aggressive" and they cannot recommend it to shareholders.

The board has informed Glazer that it cannot provide a recommendation to shareholders to accept

Manchester United


Full Man Utd statement
See Man Utd share price

No extension to the 17 May deadline will be granted, the Panel Executive said.

In the event that the owner of the Tampa Bay Buccaneers chooses not to bid, he will not be permitted to approach the company for another six months.

Manchester United's board said it welcomed the announcement by the Takeover Panel, the regulatory body which administers takeovers and mergers.

'Significant' strain

The club said it had asked the Panel Executive for a ruling because it believed that the "ongoing uncertainty" surrounding the potential bid was disruptive to the company.

"The board has informed Glazer that it cannot provide a recommendation to shareholders to accept any offer made on the basis of the current proposal," Manchester United said in a statement.

Clearly the Takeover Panel has said it is put-up or shut-up time for Mr Glazer

Richard Hunter, Hargreaves Lansdown Stockbrokers


Man Utd ball in Glazer's court


It added that Mr Glazer's capital structure proposals would put "significant" financial strain on the company, burdening the club with debt.

However, it acknowledged that the 300p-a-share proposed price was a fair one and could be attractive to shareholders.

Shares in the club closed down 2.5 pence, or 0.9%, at 265.25p on Thursday.

In talks

According to reports, Mr Glazer is seeking to persuade Manchester United's two largest shareholders to back his takeover bid.


Supporters are vehemently opposed to a Glazer bid

Mr Glazer's representatives were set to meet JP McManus and John Magnier this week, the reports said.

Their investment vehicle, Cubic Expression, is the club's largest shareholder, with a 28.9% stake.

If Mr Glazer can buy their shares, his takeover would be all but unstoppable.

Added to his current 28.1% share in the club, it would give him a majority 57% holding in the Old Trafford club.

But it remains unclear whether the Irishmen are in favour of the American's bid.

United's fans, meanwhile, have made no secret of their contempt for Mr Glazer's approaches and are continuing with high-level campaigns to voice their opposition

Mars_
28-04-2005, 06:31 PM
NO TO GLAZER! We don't need him, if anyone is going to take over the club it should be a true fan!

The General
28-04-2005, 08:50 PM
Let the supporters run the club!!!!

Conaldinho
28-04-2005, 09:16 PM
Good news about the deadline, his time is running out.
And as said above, let the supporters run the club!

Red Devil1
20-04-2006, 09:16 PM
personaly im against the glazers takeing over.

Agent Smith
20-04-2006, 09:17 PM
Red Devil, this thread is from a year ago mate ,;)

Heinze4
21-04-2006, 11:48 AM
Bet you a fiver Glazer takes over the club.

DrEggs
21-04-2006, 05:32 PM
hehe, i was wondering why it was posted.

Actually im surprised he hasnt tried to get the fans backing (not that i think he could).
But he's done seemingly sod all!!
I mean where is he?
Is he still alive?
Has he moved into the Neverland ranch?
Tune in next wk for answers in the next exiting episode of SOAP.

Showing a little age there