Glazer buoyed by positive shareholder soundings
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Malcolm Glazer has made approaches to "smaller but significant" Manchester United shareholders to prepare for a swift, sudden takeover when he deems the time is right.
Malcolm Glazer has made approaches to "smaller but significant" Manchester United shareholders to prepare for a swift, sudden takeover when he deems the time is right.
The 76-year-old American owns 28.11 per cent of United, just behind the Irish racing tycoons, John Magnier and J P McManus, who own 28.89 per cent. Glazer wants their stake and will soon reopen talks to buy it. That deal may take some time and in the interim Glazer is sounding out other shareholders in readiness for the full takeover bid that will be triggered if he buys from the Irishmen.
Foremost among those being sounded out is Harry Dobson, the Scottish-born mining millionaire whose 6.48 per cent stake makes him the club's third-largest shareholder, behind the Irishmen's Cubic Expression company and Glazer.
Representatives working for Glazer approached Dobson this week to ask whether he would sell. They learned he will, although they were not given a price. "I told them I was not interested in a 'fishing expedition' and that they should make me an offer," Dobson said. "I would not rule out selling the shares. This was a pure investment and with an investment you decide whether to buy, sell, or hold."
Dobson paid around £21.6m in 2002 for his shares, which are now worth around £48m. His willingness to sell, even in theory, will buoy Glazer's confidence.
Until a deal is done with the Irish, Glazer is "in no hurry" to take his current holding above 29.99 per cent, at which level he would be required under Stock Market regulations to bid for the whole club. Glazer's biggest hurdle is funding, with doubts lingering that he can offer up-front cash payments for shares, crucially Cubic's.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments