Football: Celtic's shares are `overpriced'

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The Independent Online
THE CONSORTIUM pushing for control at Celtic may hold off from making a formal bid for the club, because they believe it is overpriced as a consequence of their interest.

The group, led by the former Celtic player, Kenny Dalglish, and backed by Jim Kerr, Jim McAvoy and the Bankers Trust are reluctant to pay above the odds for Fergus McCann's 50.3 per cent stake in the Parkhead club. They first approached the Celtic managing director in October following confirmation that McCann will be leaving at the end of this season. The consortium's fear is expounded by the Simple Minds singer Kerr, who said: "You don't want to be paying more for something just because it has your name on it."

Making a formal bid would cost the consortium around pounds 1m in legal fees and it is understood they are unwilling to make that move at the what they believe to be the inflated level of the current share price.

The consortium met advisers yesterday in an attempt to clarify their next move. Celtic have challenged the consortium to lift the confidentiality regulations which are preventing both sides of the debate from disclosing what has been discussed.

Since Celtic's rejection of the consortium's proposals last Friday, the consortium have broken their silence but left several issues unanswered by citing confidentiality. Dalglish's only comment yesterday was to affirm: "We are not about to go away. We have major finance in place and will continue to pursue the issue."