YET MORE MANOEUVRING IN TAKEOVER BATTLE
From the Indie:
The future ownership of Manchester United was the subject of further speculation last night after two unidentified investors bought stakes worth a total of around £2m. Shares in the plc climbed for a third day in succession, closing last night at 132p, up 8.2 per cent. The shares have climbed 17 per cent since last Friday.
A spokesman for Manchester United said the club was aware of the trading, described as "normal business" by investors who think the club is undervalued. It was worth £350m last night. Three years ago it was worth more than £1bn.
As far as United are aware, yesterday's investors are unrelated to other recent buyers. Jon de Mol, a Dutch billionaire media magnate, recently bought a 2.9 per cent stake, as did Malcolm Glazer, the American sports tycoon who owns the Tampa Bay Buccaneers.
Anyone who takes their stakeholding above three per cent has a legal obligation to declare it to the Stock Exchange.
The most high-profile investors in the club in recent years have been three Irish businessmen who are close to Alex Ferguson. Dermot Desmond, the owner of Celtic, owns 2.9 per of United, while JP McManus and John Magnier own approaching nine per cent between them.
Subscribe to the Red Issue magazine on-line:
Telephone Orders:
Phone: 0870 8720200 quoting Product Ref: 1065/631698
Lines open Monday to Friday 09-00 to 17-30 hrs
Phone: 0870 8720200 quoting Product Ref: 1065/631698
Lines open Monday to Friday 09-00 to 17-30 hrs