‘Dead in the water’: Man Utd takeover bid reported to be absolutely finished for one investor
Advisors to Manchester United suggest Sir Jim Ratcliffe’s bid for the club is, as it stands, “absolutely dead in the water”.
The takeover saga has been going on for some time now. The Glazers initially decided that they were going to sell the club back in November 2022, fast forward seven months – the club is still firmly in the American duo’s grasp.
It has progressed hugely, with now there looking like only two horses left in the race. One of them being Sir Jim Ratcliffe and the other being Sheikh Jassim.
However, a revelation today appears that one of these parties is now out if they can’t come to an agreement with the minority shareholders.
Ratcliffe bid ‘dead in the water’
This comes from Bloomberg’s David Hellier speaking to UnitedViewTV – giving them the latest on Ratcliffe’s bid. The following was said:
“I was picking up from advisors to Man Utd that his bid as it stands is dead in the water”, Hellier began.
“The reason for this is he is proposing a structure that would buy out the Glazers [the majority shareholders] and not offer anything to the minority shareholders.
“I was told that they [minority shareholders] have made it absolutely clear to the Manchester United board via a letter that if you recommend this offer that prejudices us and gives us no offer at all, where we end up with discounted shares whilst the Glazers get everything – we will sue.
“I was then told by the Manchester United side that they have three independent directors and I was told that those directors will never ever sanction or recommend that bid under these circumstances.”
Essentially this means that Ratcliffe would have to discuss with these shareholders what they want or negotiate a deal with them or it’s completely finished.
So… what now?
With Ratcliffe seemingly out of the picture, it now seems like it’s in Sheikh Jassims hands or they’ll be no sale at all.
CBS journalist Ben Jacobs provided the latest update on the Qatari bid, which mentioned the following:
“Nine Two Foundation [Qatar] more positive following their improved fifth offer, but there’s also still scepticism over the Glazer’s intentions. Those close to the group view the most likely outcomes as a Qatar win or a no sale & are still in the dark.”
Only time will tell… but surely something has to conclude soon?
