Club Sale | It’s done!

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Eventually one of these sad attention seeking numpties on twitter will be right when they blindly guess that it'll be announced tomorrow
 
Berbaclass said:
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They're saying Sheikh Jassim is likely the winner. Quotes below.


"What Happened: "The results [of the sale] from a bidder perspective will already be known" by the time the football club reports earnings on June 27, an M&A advisor tells Benzinga."

"The likely winner of the Manchester auction is Sheikh Jassim bin Hamad Al Thani of Qatar, who reportedly made a final bid earlier this month."

"I'm genuinely not sure what the hold up is here," the source added."
 
Adnan said:
They're saying Sheikh Jassim is likely the winner. Quotes below.


"What Happened: "The results [of the sale] from a bidder perspective will already be known" by the time the football club reports earnings on June 27, an M&A advisor tells Benzinga."

"The likely winner of the Manchester auction is Sheikh Jassim bin Hamad Al Thani of Qatar, who reportedly made a final bid earlier this month."

"I'm genuinely not sure what the hold up is here," the source added."
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The Sheikh probably thought he was buying Man City.
 
This is the most significant news since Reuters.

Even if the details are a timeline it’s well sourced and highly reliable as per their track record.
 
Benzinga is legit. I went to school with some of the guys who were running it at one point.
 
I have a mate who’s friend is an expert in Cayman Island Company law. In a situation where a transaction is agreed that is deemed to be against the interests of the majority of shareholders then the transaction is placed into a lockdown which can only be decided by a last man standing dance off
 
If there is any truth to the article then surely there will be more people jumping on. What time are the Q3 figures posted tomorrow?
 
That is an article stating that those bidding to buy Man Utd will already know the numbers we are going to report.

EDIT - Scratch that, I'm confused.
 
Mickeza said:
Are Benzinga actually reliable or are people taking the piss?
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They're mostly an aggregator when it comes to news, with an attempt to provide decent sources for the average investor. Not bad, but they're no Reuters.
 
DOTA said:
That is an article stating that those bidding to buy Man Utd will already know the numbers we are going to report.

EDIT - Scratch that, I'm confused.
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The article says that by the time the results are made public, the successful bidder will already know they have won. Presumably suggesting they either already are aware now or they are set to be told tomorrow morning.

Perhaps considering the report is for MUFC shareholders, the Glazers are planning to use the opportunity to inform them of the successful offer and what it means for them.
 
Pexbo said:
The article says that by the time the results are made public, the successful bidder will already know they have won. Presumably suggesting they either already are aware now or they are set to be told tomorrow morning.

Perhaps considering the report is for MUFC shareholders, the Glazers are planning to use the opportunity to inform them of the successful offer and what it means for them.
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I don't understand why the person they are citing, who they claim is an M&A advisor, is supposed to know this?
 
Pexbo said:
The article says that by the time the results are made public, the successful bidder will already know they have won. Presumably suggesting they either already are aware now or they are set to be told tomorrow morning.

Perhaps considering the report is for MUFC shareholders, the Glazers are planning to use the opportunity to inform them of the successful offer and what it means for them.
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AlexJonesPex.gif
 
When it breaks it will come from either the glazers or Raine themselves and I can categorically tell you that not a single member of staff at United from ARNOLD to the board to senior staff and players will have a clue until they are informed at the same time.

This isn’t a managerial appointment or a transfer it’s a M&A it will simply be a press release by Raine or the Glazers. Since they are stock exchange listed it will have to happen at the same time to avoid stock manipulation and it’s a legal requirement.

Hence us all finding out at once.

Athletic, Ornstien, Keegan or Stoney won’t have a clue until it’s announced.
 
seegoblu said:
Why does anyone believe that the public shareholders have any cause of action against the Glazers or the board if the Glazers' decide to take Sir Jim's offer and sell all or a portion of the shares that the Glazers own?

While the board is a fiduciary to the company and its shareholders, any offer to the Glazers' for their shares is completely independent from the board. The offer is for the Glazers' shares, which they are free to sell, hold, leverage, lend, etc. as they wish. If someone comes in seeking 100% of the club's shares or some or all of the club's assets, then the board gets involved and has liability for their actions (or inactions).

When shareholders sell their shares, the board (generally) has no say in the matter (I am ignoring the possibility of tag along, drag along or other shareholder rights that might implicate board action).
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Sure but, the Glazers are the board, they control it.

Noted it is difficult to dissect a decision into whether it is a 'Glazer only' decision or a 'whole club board decision.'

Here the position is further confused because one buyer Jassim is looking to buy the whole club, involving Class A and B, whereas another is seeking to buy Class B shares from only the Glazers.

Who decides which offer to go for? The Glazers, they are therefore acting as the board in making that decision on behalf of all shareholders and not just as the individual Glazer family group of shareholders.

It becomes messy because in their capacity as the board they have to consider the best interest of 'all' the shareholders and that is where they could become unstuck.

They can't assign the Jassim offer as being just a personal, 'Glazer only', decision because he wants to buy all the shares and the Glazer's will be making a decision on behalf of the Class A owners.

Sir Jim's offer, in the absence of any other party making an offer, could have been a 'Glazer only' decision but that is not the case because of Jassim's offer.
 
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It's blindingly obvious that Jassim is most likely the winner of the auction (being way richer than INEOS) and that it will be announced in the next fortnight. So predicting that doesn't require any special insight or knowledge.

I predict the next general election will be in Autumn 2024 and the tories will get battered. See. It's easy.
 
seegoblu said:
The key word in what you wrote is "right" to buy...it's not an obligation to buy. Most takeover codes (including the Cayman's Companies Law and Code on Takeovers and Mergers and Rules Governing Substantial Acquisitions of Shares) apply when a shareholder has accumulated a significant holding in a company and want to force out the remaining minority shareholders. For Cayman, this threshold is 90% (i.e., once a shareholder has 90% of the shares it can force the remaining shareholders to sell).

I stole this from a client memo I received from a Cayman Island law firm a while ago "Statutory ‘unfair prejudice’ remedies are often employed by aggrieved shareholders who consider that the affairs of the relevant company are being conducted in a manner that is oppressive, unfairly discriminatory or unfairly prejudicial to them in their capacity as members of the company.....There is no free-standing statutory remedy for allegations of unfair prejudice in the Cayman Islands, outside the context of a winding up petition on just and equitable grounds under section 92(e) of the Cayman Islands Companies Act (2020 Revision)."

If Ineos just wants a portion of the shares, I don't think there is much that a minority shareholder can do about it.
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Ok mate, whatever. The hedge funds will bring the case in the US against the Glazer’s and NYSE. They won’t give a damn about the Cayman Islands.
 
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