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Statements from the club and Takeover Panel:
http://www.uk-wire.com/cgi-bin/articles/200504281358526659L.html
http://www.uk-wire.com/cgi-bin/articles/200504281350206651L.html
From Soccernet:
Takeover panel set Glazer deadline
The battle lines for control of Manchester United have been drawn - and Malcolm Glazer must make the first move.
After months of jousting, the patience of the United board has finally snapped and the American business tycoon has been given just over a fortnight to decide whether he intends to pursue his £800million dream of seizing control at the world's richest club.
On May 17, five days before Sir Alex Ferguson's side face the match that will define their season against Arsenal in the FA Cup Final in Cardiff, Glazer must confirm an intention to bid, or walk away with his own hopes in ruins.
The `put up or shut up' deadline imposed by the Takeover Panel came after a demand from United chief executive David Gill to show his hand.
Sick of the disruption Glazer's manoeuvrings have caused to the running of United and convinced the latest set of proposals submitted by the Tampa Bay Buccaneers owner are equally as `ambitious' and `potentially damaging' as the last, Gill has decided it is time for closure.
'The ongoing uncertainty surrounding the potential Glazer offer is disruptive to the business of the company and, in the current circumstances, it is in the interests of all concerned to have a definitive timetable,' said a statement issued from Old Trafford.
'The board remains of the view that the assumptions in the Glazer business plan are aggressive,' added the statement.
'Furthermore the board believes that, notwithstanding the changes from the previous proposals, the proposed capital structure, taken as a whole, still contains more leverage than the board would consider prudent and that as a consequence there is likely to be significant financial strain on the business.
'The board recognises, however, that the price of 300p per share is a fair one and may be attractive to some shareholders of Manchester United.
'Given the board's concerns about the potential impact of the proposal on the company, the board has informed Glazer that it cannot provide a recommendation to shareholders to accept any offer made on the basis of the current proposal.
'Whilst recognising that the price under Glazer's proposal is fair, the board's unanimous view is that they could not support Glazer's proposal (were it to become a formal offer) as being in the best interests of the company.'
The move has been widely welcomed by the United supporters who have campaigned so vigorously against Glazer's involvement and are sure to step up their protests at the club's final two home league fixtures against West Brom and Chelsea in the next fortnight.
Having shown no previous inclination to take fans' views into account, any demonstration is unlikely to deflect Glazer from his quest to complete a takeover.
Rather than be deterred by the announcement, the American, whose sons Joel and Avi are believed to be fronting the bid, will probably see it as a green light to proceed with his plans.
No-one from the Glazer camp has been prepared to comment on the latest development but it is thought the wording of the United statement will not affect the backing of bankers JP Morgan and NM Rothschild, who are putting together the majority of funding.
Talks between Glazer and the banks are believed to be continuing and while no confirmation over his plans is expected until much nearer the deadline, it would be a major surprise if he backed out now.
Once a bid is lodged, shareholders would have a maximum of 60 days to respond, with all the focus then switching to John Magnier and JP McManus, who through their Cubic Expression investment vehicle own a 28.9% stake in United.
Without the agreement of the Irish racing duo, Glazer has no hope of success and he, like everyone else, is completely in the dark over their intentions.
Other than a statement two months ago confirming Cubic remained `long-term investors', there has never been any indication as to whether Magnier and McManus would be willing to sell.
There has been no contact between Glazer and Cubic since the Irish broke off discussions in October, although that situation is bound to change once Glazer launches his formal bid.
Fans groups who have lobbied so hard against the 78-year-old are on a war footing too, with further protests likely prior to the forthcoming Premiership clashes with West Brom and Chelsea.
'The danger has not passed,' warned SU spokesman Oliver Houston.
'Glazer could still submit a bid within the deadline and other predators could be out there waiting to pick up Glazer's shares which could well now be available at a price below his proposed offer price.
'We urge United fans to continue to show their opposition to Glazer and other potential bidders and to join the large and growing number who are prepared to do something positive to protect our clubs' heritage and its future.'
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