Manchester United Selling Shareholders To Offload Stake Via Equity Offering

Manchester United PLC (NYSE:MANU) reported an offering of 9.5 million shares by selling shareholders Kevin Glazer Irrevocable Exempt Family Trust and Edward S. Glazer Irrevocable Exempt Trust in a secondary equity offering.
The offering is worth $186.39 million based on Manchester United's October 5 closing price of $19.62.
Manchester United will not receive any proceeds from the offering that will likely close on October 8.
The stock has gained 17.2% year-to-date.
Price Action: MANU shares closed lower by 0.25% at $19.62 on Tuesday.