Man United’s share price rockets hinting at imminent takeover
Is THIS the sign that the Man United takeover is imminent? Club’s share price on the New York Stock Exchange soars 24% – its highest price in a month – amid reports that Qatari bid has been successful
Shares of Manchester United rose 24 percent in after-hours trading on the New York Stock Exchange on Monday evening, possibly signaling the imminent confirmation of a takeover by Qatar.
There are two bids on the table to buy the Premier League side – one from British billionaire Sir Jim Ratcliffe and the other from Qatari Sheikh Jassim.
United’s share price — which was around $12 in November when the Glazer family announced it would be put up for sale — is always closely watched, and a sudden spike to $25.01 caught the eye.
The spike occurred after a report of Qatari newspaper Al-Watan, via The mirror — an outlet owned by his father and the country’s former prime minister, Jassim bin Jaber Al Thani — claimed Jassim had the upper hand in his bidding war with Ratcliffe.
BBC’s Economics Editor Faisal Islam added further context surrounding the share price intrigue, revealing that Jassim’s offer is to buy 100 percent of the Glazers’ stock, and that he is willing to cash out on the New York Stock Exchange’s listed share price upon completion of a deal.
Sheikh Jassim has reportedly come out on top in the race to buy Manchester United
United’s share price spiked during after-hours trading on the New York Stock Exchange
United has been in the market since the Glazers (pictured) announced in November they were open to a possible takeover
Islam added that in two and a half hours the share’s significant gains had been reduced to about a quarter of a million trades on United shares.
Al-Watan posted on Twitter on Monday night that Sheikh Jassim’s takeover bid has been a “success” and that an “announcement of the deal [will be] soon’.
Sheikh Jassim’s bid – believed to be worth around £5bn – is for total control of United, while Ratcliffe’s Ineos is around 60 per cent of the club.
There is growing frustration over how long the sale is taking, especially given the approaching opening of the transfer window. The trial originally began in November last year.
It is clear that the need to strengthen Erik ten Hag’s squad played a major role in the sheikh’s last and final step.
He is eager to complete the takeover and provide the Dutch manager with significant resources for the new season.
Acquisition talks have continued since Glazers announced in November that it was open for sale
Takeover talks at United have continued since the Glazers announced in November that they were open to selling the club.
If Al-Watan’s claim holds up, Ratcliffe will have fallen short in his attempt to buy United, the club he has supported all his life.
United’s takeover saga is now coming to an end after seven months of speculation.
The Glazers first announced they were open to a sale in November, on the same night they confirmed Cristiano Ronaldo had left by mutual consent.
