Man Utd shares experienced a significant surge of 10% after a new takeover bid was made by Qatar Sheikh Jassim. The club, listed on the New York Stock Exchange, saw its share price climb by 9.7% in pre-market trading on Wednesday. The shares reached $20.80 during pre-market trading, resulting in a day of fluctuating prices.
At the time of the bid, the market capitalization of Manchester United Plc stood at approximately $3.1 billion. This recent offer from Sheikh Jassim bin Hamad al-Thani comes after the club's current owners, the Glazer Family based in the US, announced their intention to explore a sale in November of the previous year.
The value of Man Utd shares has seen a substantial increase since the initial announcement, with shares valued at $10.42 in July 2022 and reaching a high of $27.03 in February.
This latest bid from Qatar Sheikh Jassim represents a new chapter in the ongoing saga surrounding the potential sale of the English Premier League football club. Sheikh Jassim and another bidder, Sir Jim Ratcliffe, the owner of UK chemicals company INEOS, had previously submitted what were believed to be their final offers for the club in April.
While Ratcliffe was reportedly considered the preferred bidder, Sheikh Jassim Qatari group surprised with a fresh offer, aiming to acquire 100% ownership of the club. Discussions with the Raine Group played a role in this decision.
It is worth noting that the latest bid from Qatar is said to include funds to clear approximately $1.2 billion in debt, as well as provisions for the development of the club and its surrounding community.