In my opinion, this has been done for a while. I’ll say it again, Jassim was never a serious bidder.
Pound for pound Jassim’s bid is far lower thanBrexit Jim’s.
I don’t think people still understand the concept. The Glazers only care about what enters their bank account. They don’t give a shit about enterprise value. As far as they’re concerned, the debt is another person’s problem.
Brexit Jim has offered the Glazers a share price valuati Of £5bn+ excluding the debt. Jassim has offered the Glazers a Full sale offer with an EV of £5bn+. In that scenario, the Glazers will be getting far less money.
The Times reported a month ago that those close to the bid thought that Jassim is not a serious guy. I have seen nothing to disprove them.
The other thing that is clear Jassim doesn’t have any serious backing and why I am surprised at those that have gone full Qatari without thinking objectively. It’s a massive concern that Jassim is even being outbidded by Brexit Jim. I guarantee you, if Jassim had the backing everyone here thinks he does, this would not be a contest.
I repeat, Jassim is not a serious bidder and by this time on Friday he will be out of the race.
I’m not keen on Ratcliffe. In fact, I don’t want him but if he’s the only serious bidder, what choice do we have?