Irish duo to reject Glazer's £780m Man U bid

JP McManus and John Magnier, the Irish racehorse owners, are to reject Malcolm Glazer's 300p per share offer for their 29.9 per cent stake in Manchester United.

The offer was made over the phone on Friday. The US tycoon, who is understood to have lined up finance from bankers JP Morgan, has said he is willing to make a £780m all-cash offer for the Premiership football club. "He wants 100 per cent control and he wants to take it private," said a source close to the deal.

But the signs from Ireland are that the offer is not high enough. "They see themselves as long-term value investors in Manchester United," said a well-placed source. He added that Mr McManus and Mr Magnier would not sell out "cheaply" and indicated that 300p was too low a price, even though it would reap them a £70m profit on their investment in Man Utd.

It is understood that Mr McManus and Mr Magnier are looking for at least 320p a share.

Buying the duo's stake would give Mr Glazer control of Man Utd, and most institutional investors would also sell. However, 18 per cent of the club is owned by small shareholders, mostly fans. Many of them are opposed to Mr Glazer taking over.