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Old 13th June 2005, 10:47   #1
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Default Glazer takeover 'nearly complete'

Glazer takeover 'nearly complete'
BBC Online June 13th 2005

Malcolm Glazer is believed to be on the point of gaining complete ownership of the world's richest football club, Manchester United.
Shareholders have until 1500 BST on Monday to accept the US tycoon's 300 pence a share takeover offer.
But according to a Reuters report Mr Glazer already has more than 89.7% of the shares, and is expected to have more than 90% of shares on Monday.
The last published update showed ownership of more than 76%.
The Glazer family, through its Red Football bid vehicle, already has control of the club with its 75% ownership.

Done deal
If they reach 97.5% the family will have the right to force a compulsory purchase of any remaining shares, most of which are in the hands of loyal Man United fans who have promised to fight the US tycoon to the final whistle.
Pressure group Shareholders United (SU) is threatening to take court action to "make life difficult" for the Glazers.
"If he gets to less than 95% then 5% of shareholders can go and take him to court to block the special resolution to take the company private," said Shareholders United chief Nick Towle told the BBC.
"He certainly gets control of the company and will certainly end up with more than 90%, that is my guess."
Shareholders have been particularly concerned about the high level of debt involved in the controversial deal.
More than one-third of Mr Glazer's £790m offer is being secured against United's assets, such as its Old Trafford stadium.
A further £275m will come from loans from three US hedge funds.
Mr Glazer made his formal offer to the Manchester United's shareholders on 12 May after taking his holding to 76.2% and the company's board accepted his offer.

Debt doubts
Man United's board said the deal represented good business, despite holding reservations over whether the bid was in the "best interests of the company".
Malcolm Glazer has since said there will be no dividends to any remaining shareholders - making their stakes effectively worthless.
Mr Glazer's plans for the club are also believed to include raising its revenues by 52% by 2010, meaning that ticket prices at about £30 could rise to about £45.
His offer document also pointed towards the removal of Man United shares from the London Stock Exchange on 22 June.
If that happens, then fans will have no further comeback against the Glazer family.
Meanwhile, they are continuing to build a "phoenix fund" for supporters to pour cash into received from selling their shares to Red Football.
Shareholders United hopes the fund will have enough money to invest in the club if the Glazer family relinquishes control in the future.
"We want to show him we are not going to roll over and die," said SU's Nick Towle.

March 2003 - Glazer buys 2.9% stake in club
March 2004 - Glazer says he has "no current intention" of making a bid
June 2004 - Glazer's stake in club nears 20%
October 2004 - United confirms bid approach from Glazer, as his stake nears 30%
November 2004 - Glazer ousts three directors from United's board
December 2004 -Glazer makes revised bid
February 2005 - He makes new bid approach, valuing United at £800m, the club later opens its books to the tycoon
14 April 2005 - Glazer moots £800m bid for club
28 April 2005 - Takeover Panel sets 17 May deadline for Glazer to announce whether he intends to buy United
12 May 2005 - Glazer launches formal takeover bid for United after upping his stake in the club to almost 57%
23 May 2005 - Glazer says he owns 76.21% of the club.
26 May 2005 - Board advises shareholders to accept bid
13 June 2005 - Deadline for bid acceptances
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