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Malcolm Glazer has finally launched


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Guest_thatman_*

Guest_thatman_*
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It is doomsday in manchester the end of the world :tazz:

Malcolm Glazer has finally launched his formal takeover bid for Manchester United.

The American business tycoon has taken his stake in the club to 71.8% over the last 24 hours and in accordance with City regulations has been required to offer his £3 per share deal to the remaining shareholders. ;)

It is not expected United will immediately respond to the bid, although given Glazer's position of power, it appears likely Red Devils chief executive David Gill will be forced to recommend the bid. ;)

Glazer's son Joel is believed to be leading the bid and for the first time in the whole process has commented on the buyout. :)

And he indicated that Gill, the remainder of the United management team, plus manager Sir Alex Ferguson, will all be kept on in a bid to return United to the top of the domestic game. :)

Joel Glazer said: "We are delighted to make this offer to acquire one of the pre-eminent football clubs in the world.

"We are long-term sports investors and avid Manchester United fans. Bull I slipped on sumit. :)

"Our intention is to work with the current management, players and fans to ensure Manchester United continue to develop and achieve even greater success."

The news that the Glazer family are 'long-term' United supporters will be greeted with scepticism by the fans who have demonstrated outside Old Trafford given neither the American, nor his sons have ever watched a Premiership game in England. :) :) :) :) :) :)

There will also be eyebrows raised at confirmation that the intention is for Gill to remain on the board given his repeated opposition to Glazer's proposals, which have been described as 'aggressive' and 'potentially damaging' to the long-term interests of the club. :)

Of less surprise is confirmation that Glazer will borrow £540million to complete the deal, £265million of which will be attached to Manchester United's assets. :)

Providing, as expected, Glazer's share ownership reaches the critical 75% point, the American will delist United from the Stock Exchange, although that will not happen until at least 20 days after the offer document is posted to the club's remaining shareholders at some point next week. :)
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