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Rediff News  All News  » Sports » Glazer to increase stake in Man Utd

Glazer to increase stake in Man Utd

June 13, 2005 15:26 IST

Malcolm Glazer is set to hold over 90 percent of Manchester United by the first close of his 790 million pound takeover offer on Monday, a source close to the matter said.

Glazer, who seized control of United last month after a two-year battle, had received votes accounting for 89.7 percent of the club's shares by close of business on Friday, the source said.

"So with Saturday's post and Monday's post, we would expect to be over 90 percent by Monday," the source told Reuters on Sunday.

The U.S. tycoon finally clinched control of Manchester United last month by buying a 28.7 percent stake from the club's biggest shareholder, Cubic Expression, an investment vehicle for Irish racehorse magnates John Magnier and J.P. McManus.

Over the following days, Glazer's advisers snapped up more shares until they exceeded a key 75 percent threshold, giving the American full control of the club.

He then launched an offer for the remaining shares.

Shareholders have until 1500 BST on Monday to tender their shares.

If Glazer reaches 97.5 percent, he will have the right to squeeze out the remaining shareholders, a hard core of United fans who have vowed to fight the U.S. financier to the last.

If he hasn't reached that threshold, Glazer has reserved the right to set another deadline for investors to sell him their shares, the source said.

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