Glazer prepares new bid

MThomas

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The American tycoon Malcolm Glazer is preparing a £780m hostile bid for Manchester United after dramatically forcing three of the club's directors off the board.

The Glazer family was stung by the resignation of its banking and public relations advisers after the action at United's annual meeting. But The Independent on Sunday has learnt that this had made them all the more determined and they will be back with a bid for the club, whether the board likes it or not.

"They think they can do something. They think they can make this business better. Why tiptoe through the tulips?" said a source close to the Glazer family.

The club has called on the Glazers to make their intentions clear. It is likely that they will make a statement early this week saying that they are still intending to make an offer. Any bid would be led by Malcolm Glazer's two sons, Avi and Joel."
[...]

"United has seen the resignation of the Glazers' bank, JP Morgan Chase, as a blow. This view is not shared in the Glazer camp, as JP Morgan has been working with the family only since the summer, when it replaced former bankers Commerzbank. "Finding a new bank is not going to be a problem. Finding the money is not going to be a problem," said the source."
http://news.independent.co.uk/business/news/story.jsp?story=582753
 
Man Utd calls on Takeover Panel to see off Glazer for good
By Andrew Murray-Watson Telegraph 14/11/2004
Manchester United will this week attempt to put the kibosh once and for all on the takeover ambitions of Malcolm Glazer, the US sports billionaire, by urging the Takeover Panel to tell the US entrepreneur to "put up or shut up" in his bid to buy the club.
David Gill, the chief executive of Manchester United, is expected to contact the Takeover Panel tomorrow. He will tell the panel that the uncertainty surrounding the intentions of Glazer - who on Friday succeeded in voting off three board directors of the club - is damaging his company.
Although Man Utd is not in an "offer" period, Gill hopes that his appeal will persuade the panel to intervene.
If the panel heeds Gill's plea, it will instruct Glazer to rapidly make a formal takeover offer for Man Utd, or to walk away for a set length of time - probably nine or 12 months.
Glazer will find it harder to make a formal bid, following the abrupt resignation on Friday of JP Morgan and Brunswick as - respectively - his investment bank adviser and his public relations adviser."

"It is understood that Magnier and McManus are perplexed by Glazer's tactics. But a "no strings attached" bid of 310p per share from him would probably be enough to win their stake.
An executive close to Man Utd admitted to being confused by the behaviour of the Irish racing magnates. "They can hardly be regarded as a supportive shareholder. But God knows what they will do if Glazer calls for an EGM showdown."
Man Utd will this week seek urgent meetings with Glazer, Cubic, Harry Dobson (the Scottish mining entrepreneur who holds a 6.5 per cent stake in the club) and other institutional investors, in a bid to hammer out a resolution to the current situation.
After last week's events, Glazer is much weaker than he was. On Thursday, Dag Skattum, a managing director of JP Morgan Securities, spoke with Glazer's sons, Joel and Avi, to discuss tactics for the annual meeting. He said that the bank would withdraw its financial support for the highly leveraged takeover attempt of Man Utd if they adopted a more aggressive approach.
[...]
After the result of the vote became apparent on Friday evening, Skattum formally told Glazer that JP Morgan was resigning as his adviser."



"The glitch in Glazer's bid approach may tempt another wealthy individual or institution to attempt to take control of the club. A banker said a scheme to "hand control of the club to the fans" was being contemplated by a prominent businessman.
Separately, Keith Harris, the chairman of Seymour Pierce, is trying to put together a financial restructuring of Man Utd, with the backing of Japanese bank Nomura.
Although details of Harris's scheme remain sketchy it is believed that he wants to buy Cubic's 28.9 per cent stake in the football club and then place it in a trust on behalf of supporters, as a way of ensuring that a takeover of Man Utd could never go ahead without their consent."
 
In the Sunday Express Financial pullout, it is reported that there is a "White Knight" billionaire based in Asia who is considering making a bid to "Save the club from Glazer".
It goes on to say he wants to buy the 29.89% stake owned by John Magnier & JP McManus.

It seems the billionaire is a big Manchester United Fan.

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Glazer is fecked now and has been deservedly humiliated in public for his wrongfull approach for our club. How he reacts to that humiliation is what scares me.
 
I wonder who's going to back him though...

JP Morgan did because they need deals. Goldman turned him down flat... Who's going to stump up the cash?

An interesting one, this.
 
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