Manchester United Plc MANU shares fell nearly 10% during premarket trading on Monday as investors digested the news of the Qatari group's decision to reportedly pull away from acquiring the football giant.
The acquisition process was plagued by a series of hiccups with bidders unable to meet the whopping £6 billion ($7.3 billion) valuation set by the Glazer family, leading to internal rifts over the decision to sell and the desired selling price. Minority stakeholders also raised alarms, hinting at possible legal actions, reported Bloomberg.
The report noted that Jim Ratcliffe, a prominent British billionaire, appears to be taking center stage in the Manchester United takeover bid.
If the deal goes through, Ratcliffe might reportedly bag an initial 25% stake in the club, pegging its value upwards of £5 billion ($6.1 billion).
With the backdrop of these developments, the Manchester United board is slated to convene sometime this week. A focal point of their agenda will be a thorough deliberation on Ratcliffe's proposal, the report added.
Price Action: MANU shares are trading lower by 9.91% at $18.00 in premarket on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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