Jim Ratcliffe is in the process of modifying his offer to take over Manchester United Plc (NYSE: MANU) in an effort to resolve the ongoing stalemate, according to reports.
The British billionaire, alongside his advisers, is addressing concerns raised by minority investors of the English Premier League football club regarding the terms of his bid, Bloomberg reports, with sources requesting anonymity as the details are confidential.
Recent days have seen a resurgence of speculation that a new series of bids may be initiated. Earlier this year, Ratcliffe proposed to buy a 69% stake in Manchester United, which is owned by the US-based Glazer family, leaving minimal advantage for the owners of the club’s remaining shares, such as Lindsell Train, Ariel Investments LLC, and Eminence Capital.
This development comes on the heels of UK media speculations over the weekend, suggesting the possibility of a higher bid from Qatari businessman Sheikh Jassim bin Hamad Al Thani, another contender for the Red Devils.
Earlier in the month, it was believed that the majority owners of United, the Glazer family from Florida, had decided to withdraw Manchester United from the market, resulting in a US$700 million devaluation of the shares.
Despite this news, there was a negligible boost in the share price today, with shares falling by 0.9% to $19.51 in New York.
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