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| May 17, 2005 | Tuesday | Rabi-us-Sani 8, 1426 |
US financier Glazer takes full control of Manchester United
LONDON, May 16: U.S. financier Malcolm Glazer seized full control of Manchester United on Monday, raising his stake in the British soccer club to just over 75 per cent as part of a 790 million pound ($1.47 billion) takeover, a source close to the matter said on Monday. At that level Glazer can now delist Manchester United Plc from the London Stock Exchange and implement new plans for the club without having to seek approval from other shareholders.
It is not clear if Glazer intends to continue buying shares in the market until he reaches the next key threshold of 90 per cent, above which he can force out any remaining minority shareholders.
Glazer seized control of United last Thursday by buying a 28.7 per cent stake from the club’s biggest shareholder, Cubic Expression, an investment vehicle for Irish racehorse magnates John Magnier and J.P. McManus.
That elevated his stake to 56.9 per cent and, under UK takeover rules, kicked off a mandatory offer for the remaining shares.
Glazer’s advisers moved quickly, snapping up more shares by striking deals with other investors. He ended the week with just under 75 per cent.
But furious fans have vowed to fight on, saying Glazer has no knowledge of football and plans to cream the profits off the club to pay back the debts used to buy it.
The source said some fans were currently trying to buy shares at just over Glazer’s 300 pence a share offer price. But with Glazer now in control of three quarters of the club, analysts said there is nothing they can do.—Reuters
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