From The Independent:
'Manchester United's chief executive, David Gill, may have scuppered Malcolm Glazer's takeover plans, but supporters and analysts agree Old Trafford has not seen the last of the American tycoon.
Glazer's £800m buy-out plan took a small step forward when he was granted access to the United accounts. However, the statement released by the United board and the shorter one which followed from Cubic Expression appeared to blow a large hole in his hopes of seizing control.
A combination of boardroom opposition to any bid, plus an indication that Cubic, the investment vehicle of Irish racehorse owners John Magnier and J P McManus, are not intending to sell their 28.9 per cent stake, leaves Glazer floundering. But fans' groups remain wary. "Glazer may not have played his final card yet," said Joe McLean, a football specialist at accountancy firm Grant Thornton. "On past experience, we have to assume he will come back with another offer, even though the United board clearly still believe there is too much debt. The key issue is what Cubic do. They have played a cautious game, and know Gla-zer cannot get his hands on the club without their agreement."
There was another city-centre demonstration in Manchester yesterday, following the noisy 1,000-strong gathering at Old Trafford on Wednesday.
The Shareholders United spokesman, Oliver Houston, has vowed the fight will go on until Glazer is beaten. "If this really is his last throw of the dice, I have no doubt Glazer will press ahead with the bid," he said. "In a way, he has to, because of the borrowings he has taken on to get his stake to where it is now. But if the bid does come in, then we can all see just how ridiculous it is and how wildly optimistic his profit forecasts are."'
Guardian:
'Manchester United's directors yesterday admitted they were powerless to stop Malcolm Glazer making a bid even though they called his plans potentially "damaging". The directors, in a Stock Exchange statement, said they were unlikely to recommend any offer from Glazer but shareholders would ultimately have to decide whether to sell shares. They described Glazer's proposed price of 300p a share in cash, or about £800m, as "fair".
The board statement read:
"If the current proposal were to develop into an offer - and there can be no certainty that this will occur - the board considers that it is unlikely to be able to recommend the offer as being in the best interests of Manchester United, notwithstanding the fairness of the price. However, it is ultimately for the shareholders to determine whether an offer will succeed."
The statement gave the first official version of Glazer's funding structure. It confirmed that he has reduced the amount of senior debt - thought to from £500m to £300m - and that rest of the offer would be funded by the issue of preference shares.
The directors were unimpressed by the changes. "The board believes that the nature and return requirements of this capital structure will put pressure on the business of Manchester United, particularly if Glazer's business plan was not met," said the statement.
Joel Glazer, Malcolm Glazer's son who is leading the takeover attempt, now has a key decision to make on how to approach the board once due diligence has been conducted. He is likely to make a final attempt to win the directors' support, but has to decide whether to proceed without a formal recommendation. The Glazers' behaviour to date - such as the removal of three directors at the agm in November - suggests the family is sufficiently thick-skinned to take their bid directly to shareholders.'