Jim Ratcliffe is restructuring his Manchester United Plc (NYSE:MANU) takeover offer, according to reports, as he attempts to break the deadlock in the long-running saga.
The British billionaire is working with his advisers to address concerns about the terms of his bid from minority investors in the English Premier League football club, according to a Bloomberg report, where sources asked not to be identified as the information is confidential.
Ratcliffe had offered to become the Red Devils' majority shareholder by purchasing shares owned by the six Glazer brothers, but the report suggested this did not find support from the minority shareholders, which include UK investment group Lindsell Train, Chicago-based Ariel Investments and New York-based Eminence Capital.
In recent days there has been a new wave of speculation that a fresh round of bids could be launched.
Ratcliffe put forward a proposal earlier this year to acquire 69% of shares in Manchester United owned by the US Glazer family.
That left little benefit for holders of the club’s remaining stock, including Lindsell Train, Ariel Investments LLC and Eminence Capital.
It follows UK media reports over the weekend which speculated that another, higher bid to buy the club could possibly come from Qatari businessman Sheikh Jassim bin Hamad Al Thani, the rival bidder for the Red Devils.
Earlier this month, United’s majority owners, the Florida-based Glazer family, were thought to have decided to take Manchester United off the market, leading to a US$700 million wipeout for the shares.
The news did little to push the share price higher today, with shares down 0.9% at $19.51 in New York.