Club Sale | It’s done!

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JPRouve said:
That's actually very unlikely. QTA didn't purchase PSG cash even though PSG were incomparably cheaper. They also didn't finance PSG with cash from the investment funds but borrowings.
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There was no one to rival them for that bid though. They would if this gives them leverage and let's not forget United is a whole different animal to PSG. Their ROI from what the club generates is amplified to a much bigger extend compared to PSG.
InfiniteBoredom said:
INEOS also offer to buy them all out right now at that higher valuation, the 51% + minority investment is there if Joel/Avram are dead set against selling, in which case they have to bear the risk themselves.

Personally, and I’ve made this point a couple of times, I think if it’s only for money then the Glazers have invested poorly by holding on to us for so long, even if they have sold us for a ‘measly’ £2bn around 2010 during the height of the Green and Gold protest and all those rumors about Saudi at the time, the 11% annualized return by the average top 50 hedged fund would have more than tripled their money by now, without all the headaches.
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so far it's a bit of speculation and personally to me looks like they are trying to get the controlling interest with higher valuation. Again that's my personal opinion on the matter.

As for Glazer's motives - their valuation doubled and tripled in the same time whilst they also pocketed nice dividends on top of it. If they strike a deal at around 6b it's clearly a win for them and taking the bag and putting it into the S&P in 2010 is not always that profitable at any point of time. It's easy in hindsight of course.
 
Very speculative presume it’s the same deal on the table twice as the same value, to say the least for the sjr part.

My opinion and inclination is the second offer was to be at a higher valuation as he doesn’t want to buy the club outright at that value.

I’ve always seen this 51% as his ace in the hole as on a financial level he can’t compete with Qatar in a throw money at the wall situation.
 
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DanClancy said:
Anything to stop the Qatari's offering the Glazers more for their shares then what he offers for those on the stock exchange?
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Protections do exist in some countries so that minority shareholders can't be left behind in this sort of majority acquisitions. But I admit I don't know the specifics, and I don't even know if this would fall under US law (NYSE listing) or Cayman law (where holding company is incorporated), and what the specific laws are in each country.
 
Enigma_87 said:
There was no one to rival them for that bid though. They would if this gives them leverage and let's not forget United is a whole different animal to PSG. Their ROI from what the club generates is amplified to a much bigger extend compared to PSG.
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It's not a question of rivals but about having cash. There is no good reason for them to have cash laying around, they attach their money to investments that create revenue. In many cases it's a better idea to borrow money than create cash by selling lucrative investments. I don't see any scenario for anyone to likely pay 5bn cash.
 
hobbers said:
Obviously not irrelevant, anyone who thinks he's just bid $6.5bn is clearly thinking in gibberish. We don't even know if that valuation is for a 69% (full Glazer takeover) or just for 51% controlling stake. Each offer could value the club differently.
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He's apparently put in multiple offers to give the Glazers options, going from a full takeover to buying out those that want out. Why does it matter if he's actually paying the full $6.5b or not? All that matters is what is most tempting to the Glazers.

I'm guessing his offers value the club at $6.5b, and it will be 69% of that figure for all the Glazer shares, or 51% of that figure to buy out those that want to sell. But SJR has said from the very beginning that it might look like this initially until they all eventually sell, at which point he will purchase all of the shares.
 
dove said:
They are but surely it cannot be worse than it is now...
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Currently United are far from the worse, so it can definitely be worse but is it likely? I don't think so.
 
Syphon Wallet said:
He won't be worrying about short term return, but I personally feel like he will sell again down the line for profit.
Think investment in the team and stadium could be relatively low until he sells again.

However I know nothing really, we all get influenced by the media reports, which are all probably total fabrication.
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The club will never be worth more if we aren't competitive again and the infrastructure is left to rot. He simply has to invest, it goes without saying.
 
JPRouve said:
Currently United are far from the worse, so it can definitely be worse but is it likely? I don't think so.
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Well obviously it can be worse but realistically it's hard to see how. The Glazers literally haven't spent a single penny of their money on the club, riddled us with debt while taking out millions every year. The only worse scenario would be Ratcliffe doing the exact same + taking out even more money which is just not realistic I think. So I think it would be safe to guess that no matter who they sell to, as long as it's a majority sale, we will be better off.
 
pocco said:
Well, where are they? SJR's offer values the club at $6.5b, so the individual share price is therefore higher. So it is irrelevant to the Glazers and, ultimately, the ownership of the club.
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The post you responded to broke my brain, it makes no sense. :(
 
Not one single word or any public statement from either SJR, SJ or the Raine Group. Let that sink before anyone coming with more bold predictions.

Like the rest of you I have no clue who’s going to win this bidding war or not but one thing that I can say with almost certainty is that the RG (RaineG) probably has an contractual obligation to contact all the remaining parties with information of the laters round of bids. After that I assume that the RG will give both SJR and SJ an additional limited time to readjust their bids if some of them still have the desire to do so.

Like I said earlier this morning. This bidding was will not be over until it’s 100% closed with legally approved signatures.

If I have to draw any conclusions from those so called leaked information is that absolutely nobody except the six siblings has any clue how this is going to end, and that’s part of the Glazers siblings selling strategy. They want an ongoing auction until they found out who’s willing to stretch their bid most.
 
dove said:
Well obviously it can be worse but realistically it's hard to see how. The Glazers literally haven't spent a single penny of their money on the club, riddled us with debt while taking out millions every year. The only worse scenario would be Ratcliffe doing the exact same + taking out even more money which is just not realistic I think. So I think it would be safe to guess that no matter who they sell to, as long as it's a majority sale, we will be better off.
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I just want know had Glazers not saddled United with Debt but taken amounts used to service the debt as dividends how they would have been perceived .
 
7even said:
If I have to draw any conclusions from those so called leaked information is that absolutely nobody except the six siblings has any clue how this is going to end, and that’s part of the Glazers siblings selling strategy. They want an ongoing auction until they found out who’s willing to stretch their bid most.
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I know.
 
Shakesey said:
Special thanks goes to @Bosws87 and @InfiniteBoredom for fecking up my wonky understanding of what's been bid.

It's been a while since I've read an exchange so freakishly polarised and so utterly convincing.
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Can’t wait till we are both completely wrong .

My quest only started out because people are confusing valuation with the amount on the table.

The media reports just reminded me of the statistics abuse we were seeing throughout covid.

99.9% of not dying don’t worry about it, next article millions dead be very afraid as 0.01% of the global population is huge.

A lot more sceptical on what is reported rather then the headline these days.
 
MTF said:
Protections do exist in some countries so that minority shareholders can't be left behind in this sort of majority acquisitions. But I admit I don't know the specifics, and I don't even know if this would fall under US law (NYSE listing) or Cayman law (where holding company is incorporated), and what the specific laws are in each country.
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Interested to no, gives them wriggle room if they could. Think Qatari's offer is double the current share price.
 
7even said:
Not one single word or any public statement from either SJR, SJ or the Raine Group. Let that sink before anyone coming with more bold predictions.

Like the rest of you I have no clue who’s going to win this bidding war or not but one thing that I can say with almost certainty is that the RG (RaineG) probably has an contractual obligation to contact all the remaining parties with information of the laters round of bids. After that I assume that the RG will give both SJR and SJ an additional limited time to readjust their bids if some of them still have the desire to do so.

Like I said earlier this morning. This bidding was will not be over until it’s 100% closed with legally approved signatures.

If I have to draw any conclusions from those so called leaked information is that absolutely nobody except the six siblings has any clue how this is going to end, and that’s part of the Glazers siblings selling strategy. They want an ongoing auction until they found out who’s willing to stretch their bid most.
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This
 
Plant0x84 said:
Your figures are correct. But Jassims offer is still less because he will pay 69% of $6.2bn (£5bn) which will total $4.2bn.

So just to be clear

INEOS EV = $6.5bn
INEOS 69% = $4.4bn
INEOS 50+1% = $3.3bn
(assuming the valuation is relevant to both offers)

Qatar EV = $6.2bn
Qatar 69% = $4.2bn
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...and the debt?
 
Bosws87 said:
The whole point we have been trying to make is valuation does not equate to the money the glazers are getting.

Physically what would appear in your bank after the transaction is complete they would have more money from the Qatar bid.

This does not mean that if Jim won and it was all rosy and United went on to great things The glazers then sold the remaining stake and got better money is not possible because it is.
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Please explain where you have got this from? SJR valued the club higher than Qatar, so their individual share prices are therefore going to earn them more from SJR, no?
 
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