Manchester United Plc (NYSE:MANU) stock was again on the front foot on Tuesday morning amid further reports suggesting the process to sell the football club is ongoing.
According to the latest report INEOS founder and chief executive Sir Jim Ratcliffe is improving his offer to buy the company.
Jim Ratcliffe is restructuring his offer to buy Manchester United, people with knowledge of the matter said, in an attempt to break the deadlock in the long-running takeover saga, Bloomberg reported.
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 the people, who asked not to be identified discussing confidential information, the report said.
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.
The minority equity interests in Manchester United that is not held by the Glazer family is listed in New York.
Manchester United shares were up 66 cents or 3.4% in Tuesday’s early deals changing hands at $19.62.
It follows the week’s earlier media reports speculated that another, higher bid to buy the club could possibly come from Qatari businessman Sheikh Jassim bin Hamad Al Thani.
Earlier this month, detailed media reports claimed that United’s majority owners, the Florida-based Glazer family, had decided to take Manchester United off the market.
Those reports were neither confirmed nor denied – despite the speculation triggering a 20% drop in the club’s stock market value.
Some two weeks later, the vacuum of official comment has evidently led to a new round of speculation.
Manchester United is scheduled to report its fourth-quarter financial results later this week, on Thursday, and most investors will be hoping for a meaningful update on the process from the club's executive team.