The Raine group asked all interested parties, even if they wished to buy a minority or refinancing package to value the club in its full entirety. The current share price is $19.16 and the market cap is $3.09billion that’s the full value of the club if all shares were to be sold at that price.
However because two main bidders are trying to take over the controlling shares of the club, they have to bid for the full value of the club so by SJR offering £5bn which is more likely his bid not £6bn that is $6.2bn which is double the market cap, he can afford to be this bold because he does not intend to buy 100% of the club, he only intends to buy 50.01% or 69% which is (£2.51bn or £3.45bn)
SJ bid is different because he has made it clear they will buy only 100% of the shares, So his offer will be slightly lower, because he is offering a premium to the Glazers but also to all the other share holders. The part that people have missed and this is quite important is that the Glazers have Voting B shares and A shares too.
Apparently Darcie, Joel snd Avram have 4.25% of the 31% left, so he is theoretically offering the Glazers the opportunity to purchase their 73.25% of £4.8bn which is £3.516bn, In other words more cash now, probably not enough but the fact they met at Clarridges with Avram this week makes me think that we are near the end game, however the Qatar bid through 92 Foundation will probably have to offer another £500m to get the deal done or if it’s being done already they’ve offered more than what’s been circulated through the media.