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Old 25th July 2012, 21:26   #1
Paul Brooks
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Default EQUITIES: Manchester United puts off decision on IPO launch

EQUITIES: Manchester United puts off decision on IPO launch

24 July 2012

Manchester United has pushed off launching its US$300m IPO, after having previously contemplated doing so as early as this evening or tomorrow morning. The decision followed a conference call between company officials and the lead underwriting banks on the offering.

A follow-up call is scheduled for later this week to reevaluate conditions, according to a source close to the situation.

Jefferies is lead-left bookrunner among a syndicate that also includes Credit Suisse, JP Morgan, Bank of America Merrill Lynch and Deutsche Bank.

Recent market volatility factored into the decision on timing. The DJIA fell 0.8% today to 12,617.32, extending the benchmark index’s losses to three consecutive days and following similar sell-offs across Europe and Asia.

The global sell-off is relevant because of the nature of Manchester United’s sports franchise, and because the lead banks are contemplating a global roadshow that encompasses Asia and Europe as well as the US.

If the banks do not launch marketing of the offering in the near term, they are expected to push off a decision until after the US Labor Day holiday on September 3.

The offering is expected to value Manchester United at roughly US$3bn. That view is supported by the soccer club’s multiple revenue streams and the recent purchase of the Los Angeles Dodgers baseball club for US$2.15bn.

http://www.ifre.com/equities-manches...031766.article
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