GLAZER BACK?

Last updated : 10 April 2005 By Editor

Here it is:

It is understood that advisers to the Glazer camp will present a final offer of £790m or 300p per share to the board. Glazer has fine-tuned his proposal after Man Utd announced disappointing financial figures last month.

It is believed that the Man Utd board will tell shareholders that it still believes the Glazer offer will undermine the financial strength of the club because it contains too much debt. However, the board is expected to still put the proposal to shareholders as it has already acknowledged that the size of the offer represents fair value.

An executive with links to Man Utd, said: "The directors recognise they have a fiduciary duty to shareholders."

The success of Glazer's bid will hinge on the attitude of JP McManus and John Magnier, the Irish duo who own 28.9 per cent of the club. Many in the City are sceptical that Glazer will be successful in his takeover attempt. Shares in Man Utd - the world's largest football club - closed on Friday at 268.25p - well below the proposed offer price.