Shares of Manchester United plc (NYSE: MANU) are on the rise in today’s pre-market session following the exciting news that a bid for the company has been accepted.
The bid, put forward by Qatari investors, received the green light, according to a tweet from @centredevils, who cited Al-Watan, a media organization owned by Sheikh Jassim’s father.
🚨🚨| MAJOR BREAKING: Qatari outlet Al-Watan, an organisation that Sheikh Jassim’s father owns, reports that the Qataris have been successful in their bid to purchase Manchester United. 🇶🇦🔴 @al_watanQatar pic.twitter.com/OHIrfsFzqs
— centredevils. (@centredevils) June 12, 2023
This development follows the fifth and final takeover offer submitted by Qatari investors last week. Qatari investors had set a deadline for negotiations, stating that they would withdraw from discussions if an agreement was not reached within a week.
Glazer Family Finds Suitable Agreement
Back in November, Manchester United’s board initiated a strategic review process to explore various alternatives aimed at enhancing the club’s future growth. The objective was to consider all options that would benefit the loyal fanbase and capitalize on the club’s significant growth potential.
“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future,” Avram Glazer and Joel Glazer, executive co-chairmen and directors of Manchester United, said at the time.
The Glazer family, who have been carefully reviewing offers from potential buyers for the past seven months, seems to have finally found a suitable agreement. The culmination of this long process suggests that a deal has indeed been reached.