Glazer launches bid for Man Utd

US sports tycoon Malcolm Glazer has launched a £790m formal takeover bid for Manchester United.
The American has secured the 28.7% stake of Irish racing tycoons JP MacManus and John Magnier, giving him almost 57% of the Premiership club.

Red Football Ltd, acting on behalf of Mr Glazer, said the Irishmen had sold their stakes for 300p a share.

The bid comes five days ahead of the 17 May deadline when Mr Glazer had to make known whether he planned to bid.

Mr Glazer is now 18% short of the 75% of shares he needs for the offer to go unconditional.

'Aggressive'

If he gets 75% plus one share, United could be delisted from the stock exchange and Mr Glazer could transfer his debt onto the club.

If he can get to 90% plus one share, he can make a compulsory purchase and scoop up the other 10% of the club's shares.

United's rallied 34.25 pence, or 12.9%, at 299.25p shortly after the announcement.

Two weeks ago the club board said it could not recommend Mr Glazer's takeover proposals to shareholders because his business plan appeared to be too "aggressive".

His first two offers were rejected by the board, on the grounds that his plans relied too heavily on borrowed money.

"A further announcement containing more detailed terms of the offer will be made shortly," Red Football said in a statement.

Looks like its on guys and aggressive too!

FFS :@

Man Utd are going down the shithole why did they sell him the stake !? (irishmen)

Damn.
What will become of Man.Utd now??!!

JP MacManus and John Magnier are only interested in Money. They tried to make out that they cared about United at one point, forcing an internal enquiry on transfers at united, and dodgy dealings, but that was clearly just revenge on Alex Fergusson after the bust up over the horse.

Im one peed off fan. This is a gloomy day for football.

It concerns me in the brief if you read the whole report that if he aquires 75% + 1% he can transfer all of his debts over the club!

Thats just aggressive business!

Not a love of sport especiall football - He is no Abramovich - That would be a different matter - This is just hard core business!

Yep I read it all and did see that. As I said, its a sad day for any football fan.

For all Man Utd fans, I wish you all the best if his bid is expected{Accepted}. You need some luck for this to pull off. But you never know he might just become a god. But dont get to atatched{attached} if he does well as I know what forgetting about pasts can do to a club (Samm Hammam). This is a sad day for all United fans. i thinkt hey should reject the bid for the sake of football.

Sorry about my spelling guys. As ive said before im a welsh speaker really, and my english isnt up to scratch. But I am improving.

That is awful news!

Good luck reds!

Terrible news, I came home from school and I was shocked to hear the news.
Hopefully we can get rid of him somehow.