Manchester United shares dip as joint takeover speculation dismissed
Reports at the weekend said a meeting between the pair, who own 29% of the club, and US sports tycoon Malcolm Glazer, would take place in London yesterday to discuss the possible sale of the Irishmen's stake to the US sports tycoon.
But it is understood that no meeting took place between the two sides. Shares in United dropped by 3% yesterday.
A spokesperson for Cubic Expression, the company which holds the Irish pair's stake, said it did not comment on market speculation.
Mr Glazer has built up a 19% stake in United over the past year and if he was to acquire the stake held by Cubic, it would automatically trigger a full takeover of the club.
Shares in United have more than doubled in the past 18 months as takeover speculation mounted with the Irish racing moguls tipped to be on the brink of a full scale buy-out at one stage. But Mr Glazer has said he is considering an offer for the club, though has no immediate plans.
Cubic has insisted that it is simply an investor and United has the potential for a good return on their investment. It is sitting on a fat profit, but it is not known if they would consider selling their stake to Mr Glazer.
According to reports, Manchester United had met with Mr Glazer's sons late last month.
The meeting was part of an investor relations presentation, but did not leave the soccer club with the view that a full takeover was imminent.
However, other reports yesterday said Mr Glazer's family were preparing to sell off chunks of their property empire to raise the finance for the bid.
Mr Glazer is worth an estimated €600 million, though market analysts believe he would have to pay e1 billion to acquire Manchester United.
The 75-year-old is the owner of the American football team, the Tampa Bay Buccaneers.
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