Waiting game hits United shares

SHARES in Manchester United closed yesterday down nearly 1% as the markets awaited fresh news about the takeover of the club.

The shares gained 5% on Monday when the club confirmed it had a takeover approach, believed to be from its second largest investor, the American businessman Malcolm Glazer.

Brokers speculated yesterday that Mr Glazer will have to offer at least 300p a share to secure the club and get the support of its largest shareholders, the Irish multi-millionaires John Magnier and JP McManus.