Glazer makes new United bid

14 April 2012

The immediate future of Manchester United was back in the hands of major shareholders John Magnier and J P McManus today after it emerged that Malcolm Glazer had revised his offer to buy their 28.9% stake in the club.

Talks between the Irish pair's Cubic expression investment vehicle and Glazer broke down last month after the two parties failed to reach an agreement over the purchase of their shares.

It is thought that Glazer offered £3.10p per share to Cubic, worth approximately £270million. However, this 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, the American business tycoon has not received a reply from Cubic or any indication as to whether they find the terms acceptable.

However, the news is bound to be greeted with shock by the United supporters, who have mounted such a vigorous campaign to prevent Glazer taking over the club.

It will also come as a surprise to the United board, who have confirmed that they had also cut-off negotiations with Glazer because of the high level of debt the billionaire owner of the Tampa Bay Bucaneers NFL franchise was believed to require to complete any take-over.

Glazer's "preliminary approach" had put United in an Offer Period but that has now ended as a result of the Red Devil's most recent statement on the matter.
Glazer though has proved to be nothing if persistent in his desire to own the world's richest club.

Within 24 hours of Cubic's original snub Glazer launched a rapid raid on the stockmarket and over 72 hours took his stake in the Old Trafford outfit from 19.1% to 28.1%.

The widespread opposition to his involvement which included a massive anti-Glazer demonstration before the recent Premiership victory over Arsenal is sure to intensify.

But all parties know that if Glazer can cut a deal with Cubic he would have a stake in excess of 50%, which would effectively give him control as well as forcing him to make an offer to buy the remainder of United's shares.

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