Glazer Man U bid is back on
THE US sports tycoon attempting to take over Manchester United has made a fresh offer to major shareholders John Magnier and J P McManus.
Malcolm Glazer has revised his offer to buy their 28.9% stake in the club.
Talks between the Irish pair's Cubic Expression investment vehicle and Malcolm Glazer broke down last month because his offer of 310p per share was conditional on Glazer being able to gain control of 75% of United's shares.
It had now emerged that Glazer has told Cubic he is prepared to make payment once due diligence has been completed, which would be within seven days of a deal being done.
As yet, Glazer has not received a reply from Cubic, but the news is likely to shock United supporters, who have mounted a vigorous campaign to prevent a takeover.
It will also come as a surprise to the United board, who ended negotiations with Glazer because of the high level of debt the billionaire owner of the Tampa Bay Bucaneers was believed to require to complete a deal.
Glazer already owns 28.1% of United's shares. A deal with Cubic would give him a controlling stake, as well as forcing him to make an offer to buy the remainder of United's shares.
