TAKEOVER TALK TAKES OVER AGAIN

Last updated : 15 February 2004 By Editor

The Observer:

Manchester United insiders last night admitted for the first time that a £900 million bid for the club was possible within a few weeks.

If Glazer or Magnier called an emergency meeting of investors, they would together be able to force through radical change as they speak for nearly 50 per cent of the shares.

If the raiders went down that path they could demand board representation and oust current directors not to their liking.

Meanwhile, United's embattled management is also hoping to meet Magnier and McManus to try to repair their damaged relationship.

'We've never had any official meeting with them face to face to discuss club business,' said a United official. Last week, Dermot Desmond, Celtic owner and a United shareholder, was seen having lunch with Sir Alex Ferguson, club manager, in an apparent attempt to patch up their differences.

The United official added: 'We have a strong sense that they [Magnier and McManus] are up for this. There's an awful lot to talk about, from their concerns about our transfer policies to the possibility of them seeking seats on the board.'


The Sunday Times slant here:

The American businessman Malcolm Glazer has been told by City regulators to “put up or shut up” over his supposed £800m bid for Manchester United.

The Takeover Panel, which polices City deals, wants to know if Glazer, the owner of the Tampa Bay Buccaneers American football franchise, is serious and has approached Commerzbank, the investment bank, for answers.

The German bank has claimed that it has been instructed by Glazer, who has a 17% stake in Manchester United, to consider how a bid could be carried through.

Officials at the panel made contact with Commerzbank and other representatives of Glazer on Friday. The panel has the power to force Glazer’s advisers to issue a statement if a bid looks likely to materialise soon.

Commerzbank is said to have told the panel that there is no reason to publish a statement, implying that any bid is some way off. The bank has not yet been formally contracted by Glazer over a bid.