United shares fall after takeover denial

Shares in Manchester United fell today after the club’s plc board played down rumours of a possible takeover.

Speculation that billionaire American businessman Malcolm Glazer is planning a bid to buy United reached new heights after the matter was referred to the Takeover Panel.

Glazer, who last week increased his stake in the club to 16.31%, admitted he was considering his options and could increase his shareholding.

However, a statement from the club’s plc today revealed they had had no forewarning of any further activity.

“The board of Manchester United plc wishes to make clear that, as at today’s date, it has not received any approach, formal or informal, regarding a possible takeover offer for the company,” it read.

“The directors of Manchester United accept responsibility for the information contained in this announcement.

“To the best of the knowledge and belief of the directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not contain anything likely to affect the import of such information.”

After initially rising by around 1% this morning, United’s shares closed down 2.75p at 265.5p, a fall of just over 1%.

Glazer increased his stake in United less than 24 hours after John Magnier and JP McManus did the same thing, fuelling rumours of a takeover war between the two camps.

United were subsequently placed in an offer period by the Takeover Panel.

According to their own website, www.thetakeoverpanel.org.uk: “The Panel on takeovers and mergers is the regulatory body which administers the City Code on takeovers and mergers.

“Its central objective is to ensure equality of treatment and opportunity for all shareholders in takeover bids.

“The composition and powers of the Panel have evolved over the years as circumstances have changed. Although it remains a non-statutory body, it is now supported by a number of organisations backed by statute.”

Glazer’s own statement to the Stock Exchange on Monday revealed the Tampa Bay Buccaneers owner was “considering his options” with regard to his United stake.