David Gill seems confident that it doesn’t, "Any company is valued over the long term, not just the last six months. It's been clear all along that £3 is a fair and reasonable price for the club today.
"But there is more to this offer than just £3 a share, we have to think about what the plan does for the club, what the structure of the plan is, the level of debt and the business plan underpinning that debt. On all those counts we believe it is too aggressive and not in the best interests of Manchester United."
The Independent reports that the figures may give Glazer some hope when he finally puts his bid in:
‘It is understood no bid will actually be tabled any earlier than a week today because of the diary commitments of all parties in the run-up to Easter and over the holiday period. The American tycoon hopes that United's financial blip will somehow persuade the club's board to change its mind and back his buyout, but United sources say there is little reason for this to be the case.
‘The board has already indicated it will reject a 300p offer by Glazer for being too reliant on borrowing. Even if the board has softened on Glazer - and there is no evidence of that - then a neutral rather than positive stance is apparently Glazer's best hope.’
However Mihir Bose in the Telegraph seems to think that the results announced have helped Malcolm:
‘Malcolm Glazer's attempt to buy Manchester United will be bolstered today when the club reveal that their half-time profits to Jan 31, 2005, are much lower than a year ago.
‘However, the decline is greater than City analysts predicted in January and this will encourage Glazer and his advisers, who can argue that their offer of 300p per share is much higher than the present share price of 272p, showing how attractive it is to shareholders.
‘It remains a mystery when Glazer will make his move. His advisers have completed their examination of the books but are yet to hold formal talks with the board - the first step before a formal offer to all shareholders.
‘This is partly because Joel Glazer, the son of Malcolm and frontman of the bid, is recovering from appendicitis. They also need to convince the Irish pair of John Magnier and JP McManus - the largest shareholders with 28.9 per cent, slightly more than the 28.1 per cent Glazer owns. Their assent to any offer is crucial to Glazer's success.
‘To sweeten the bid, Glazer is likely to promise United manager Sir Alex Ferguson significant summer transfer funds.’