SOMEONE'S GETTING DESPERATE

Last updated : 11 May 2005 By Editor
From the MEN:

Malcolm Glazer will make a last-ditch attempt to persuade Manchester United's two biggest shareholders to sell him their stake in the club.

If J.P. McManus and John Magnier agree to sell their 28.8 percent stake, then the US sports tycoon, who already owns 28.1 per cent, will launch a tender offer for the remaining shares, sources said.

"They will talk very shortly, in the next day or so," one source close to the deal said, adding there could be an announcement in the next 24 hours.

Getting the Irish on board is Glazer's last ditch attempt to clinch the deal after United's board said late last month they could not recommend his £800m takeover offer because of the high level of debt involved in his bid.

If the Irish investors refuse to sell, Glazer will be forced to walk away.
Last month Glazer was told by the City takeover panel to launch their bid by May 17. It is unlikely he will launch the bid if the Irish make it clear they are not selling.

Cubic Expression, McManus and Magnier's company, declined to comment on the latest speculation. The Irish have always claimed to be long-term investors in the club.