THE INDEPENDENT - 'ACCEPT £800M OR I WALK AWAY'
Malcolm Glazer, the US sports tycoon, will make his £800m bid for Manchester United this week, having put the final touches to the financing over the weekend.
The owner of American football team the Tampa Bay Buccaneers has been in touch with the two Irish racehorse owners who jointly hold 28.9 per cent of Man Utd's shares, and will make his formal offer to them during the week.
It is expected that he will bid 300p a share, the amount he has been indicating he will offer for some weeks. Mr Glazer will also make it clear this is his final offer, and that if it is not accepted he will walk away.
The Irish duo, JP McManus and John Magnier, have indicated that they are looking for more than 300p a share. Talks between the two sides are expected to be tough.
Mr Glazer has been stalking Man Utd for over a year, building a 28 per cent stake in the club and, last year, forcing three directors off the company's board because of their opposition to his bid.
Since then, Man Utd's board has softened its stance and has allowed Mr Glazer and his backers, NM Rothschild and JP Morgan, access to its books so they can make a firm offer.
However, when an indicative bid was placed before the club, the board rejected it due to the level of debt in Mr Glazer's bid, which the board claimed could be bad for the club's stability.
The Takeover Panel, the City regulator, set a deadline of 17 May for Mr Glazer to put in a firm offer, or else he would be prevented from bidding for six months.
It is understood he will easily beat that deadline.
Man Utd fans have said they will raise funds to buy the McManus and Magnier stake, with help from Japanese bank Nomura. However, protests against the takeover, scheduled for Man Utd's home game against West Bromwich Albion yesterday, were cancelled due to a lack of support.
THE SUNDAY TELEGRAPH - GLAZER TO MAKE OFFER THIS WEEK
Malcolm Glazer's controversial £800m bid for Manchester United is expected to be submitted this week, in a move that will finally resolve the future ownership of the world's largest football club.
The final touches to the bid are being made this weekend and a formal offer could be announced by the end of the week or by next Monday at the latest.
Glazer, who has built a 28.1 per cent in Man Utd, has been told by the Takeover Panel to submit his offer by May 17 or walk away from the club.
Key to his success will be what JP McManus and John Magnier, the Irish billionaires who own 28.9 per cent of Man Utd's shares, decide to do with their holding. Although the Irish duo have repeatedly stated that they remain "long-term shareholders" in the football club, NM Rothschild, the investment bank advising Glazer, has grown increasingly confident that they will sell out to its client.
Last night it also emerged that Maurice Watkins, a former director of Man Utd who has a 1.7 per cent stake in the club, could be prepared to pledge his shares to an investment trust scheme being set up by a group of fans opposed to the Glazer takeover.
The voting power of the trust, proposed by Shareholders United and backed by Nomura, the Japanese investment bank, would be used to oppose the American's plans. Watkins was voted off the Man Utd board by Glazer at the club's annual meeting last year for failing to back his bid. It is believed Watkins has indicated to Shareholders United that he is prepared to support its cause.
THE OBSERVER - GLAZER TO MAKE BID WITHIN DAYS
Malcolm Glazer will this week make his long awaited £800 million bid for Manchester United, defying fans who have threatened to try to derail the American tycoon's plan to take over the world's most popular football club.
Glazer is expected to table a formal offer 'within days', according to analysts. His son Joel will seek meetings with key Irish shareholders John Magnier and JP McManus who control 29 per cent of the equity. If they refuse to sell, the bid will collapse, but if they cash in their holding, Glazer will take control swiftly as he already speaks for 28 per cent. Joel will also talk to Harry Dobson, the Scottish mining magnate who owns 6 per cent.
Joel is keen to allay fans' concerns by making it clear that the club will have a sizeable financial pot to spend millions on new players. He will also play down concerns expressed by the board that his family's bid is too aggressive because it involves taking on borrowings of £300m.
As Glazer proposes taking on so much debt, the Manchester United board has been unable to recommend Glazer's proposals to shareholders. But the board has said that the planned take out price of 300p is fair and that it will leave investors to make the final decision.
Last month, the takeover panel imposed a deadline of 17 May on Glazer by which time he must bid or walk away for at least six months.
Shareholders United, the club's supporter group, is trying to acquire enough shares in the club to block Glazer.