Glazer set to swoop in with second Man United takeover bid

MALCOLM GLAZER has once again approached Manchester United about a possible takeover bid.

The US businessman’s representatives met with the club’s chief executive David Gill last week following a breakdown in discussions between the two sides in November when Mr Glazer used his 28% in United to vote three directors off the board.

Mr Glazer’s first offer for the club, pitched at about 300p per share, was contingent on heavy borrowing against United’s assets, mainly the Old Trafford stadium. But reports yesterday suggest that a new potential bid would include less debt.

Fans opposed the bid fearing there would be little money to invest in the team or facilities if Mr Glazer was borrowing heavily. But United’s board are said to be willing to force the American to either come up with a formal offer or walk away. If Mr Glazer, who had been seeking access to the club’s accounts for some time, does not deliver a bid, under London Stock Exchange rules he would be precluded from doing so for six months.

At the club’s annual general meeting in November, Mr Glazer opposed the re-election of three directors - Maurice Watkins, Andy Anson and Philip Yea - as he was frustrated with the club’s failure to open its books. As Cubic Expression, the investment vehicle owned by Irish racing tycoons JP McManus and John Magnier, abstained from voting, the directors were booted off the board.

The move by the 76-year-old forced the resignation of his financial backers JP Morgan and his public relations company Brunswick. The report in a British newspaper yesterday said Mr Glazer is attempting to win back the support of JP Morgan. At the meeting Mr Gill asked Mr Glazer to support the reappointment of the ousted directors.

At the AGM, chairman Roy Gardner said he wanted to meet all of the club’s investors in a bid to bring ‘stability’ to its structure, widely assumed to be a “fans trust” which would own a stake large enough to prevent any hostile takeover.

Shares in United closed down 2.5% last Friday to 266p, valuing the business at just under £700 million.