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Tuesday, October 27, 1998 Published at 17:33 GMT Business United takeover The Manchester United takeover saga has taken another twist, after BSkyB bosses revealed they have still not won control of the majority of the club's shares. Rupert Murdoch's satellite broadcaster launched a £623m offer for the Old Trafford giants last month. But some fans are furious that England's leading club is being sold off and are determined to scupper the planned takeover. BSkyB said on Tuesday it had received valid acceptances from shareholders representing 33.5% of the club's shares. Combined with shares it has been buying directly from the company, the company now has a total ownership just short of 45%. To complete the takeover, BSkyB has to have more than 50% to gain a controlling stake in the club, at which point most other investors would sell their shares. Shareholders have until next Tuesday to decide whether to accept the offer, although BSkyB can extend the timetable until early December if it chooses. Many are believed to be awaiting the outcome of a vital Office of Fair Trading report into the monopoly implications of the deal, which is expected next Monday. If it recommends a further investigation from the Monopolies and Mergers Commission, the offer would lapse automatically while the inquiry takes place. If the OFT gives the deal the green light, BSkyB can extend the timetable for shareholders to early December if it has less than 50% of the stocks. |
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