Glazer acts to pacify regulators over bid for United

Click to follow
The Independent Online

Malcolm Glazer yesterday issued a Stock Market declaration that his family had not authorised any recent statements about a proposed takeover of Manchester United.

Malcolm Glazer yesterday issued a Stock Market declaration that his family had not authorised any recent statements about a proposed takeover of Manchester United.

The club's shares rose on Monday following weekend reports that the American is exploring a new bid of around £800m for the club. If Glazer himself had been behind the stories, he might theoretically have been accused of creating a false market in United shares. He owns a 28 per cent of the club worth around £250m, an investment that is obviously prone to bid-related swings in value.

Yesterday's statement was notable for stopping short of any denial that he is preparing a bid. That would have been contrary to sources familiar with the matter who have confirmed that the investment bankers, Rothschild, have been advising Glazer since December.

Rather, it seems that to satisfy the regulators, Glazer has absolved himself of any link to the stories, rather than denied them. His statement said: "The Glazer family wishes to record that no statement made in the UK press in recent days, attributed to any member of the family or person associated with the family, was authorised."

Comments