Sir Jim Ratcliffe has submitted his tender offer for 25 per cent of the Class A shares traded on the New York Stock Exchange as part of his deal to become the minority owner of Manchester United.
It was announced on Christmas Eve that the Ineos chairman had agreed to buy a 25 per cent stake in the Premier League club in a deal that included investing 300million US dollars (£236.7million) into their infrastructure.
As well as buying Class B shares held by the Glazer family, the announcement confirmed that Ratcliffe would offer to acquire up to 25 per cent of all Class A shares at a price of 33 US dollars (£26) per share.
That offer from his company, Trawlers Limited, for up to 13,237,834 Class A ordinary shares was confirmed in a US Securities and Exchange Commission filing on Wednesday.
United’s Class A share price was 19.84 US dollars (£15.64) on December 22 – the last full day before the public announcement of Ratcliffe’s offer.
On the last full trading day before the commencement of the offer the price was 21.20 US dollars (£16.71) per share.
The document read: “The offer and withdrawal rights will expire at one minute after 11.59pm eastern time on February 13, 2024, unless the offer is extended or earlier terminated.”
The filing also said upon the consummation of the offer Ratcliffe’s shares would collectively “represent a 27.69 per cent ownership interest and 28.71 per cent voting interest in the Company”.
Earlier in the day United announced their first-quarter earnings for the three months ending September 30, 2023.
Published later than usual following the conclusion of the strategic review, it showed record first-quarter revenues up nine per cent at £157.1m.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here