Manchester United Sir Jim Ratcliffe investment update as new timeline emerges with decision made
Manchester United have released an update on Sir Jim Ratcliffe's 25 percent investment in the club.
INEOS Sport officially announced that it had agreed to purchase a minority stake in the football club in December. Ratcliffe has already attended a Premier League game at Old Trafford and made a number of decisions off-the-pitch, but the takeover remains subject to Premier League approval.
The deadline of the takeover, which will see Ratcliffe purchase 13,237,834 shares of United, was originally set for midnight on February 14 Eastern Standard Time given United shares trade in New York. However, the club have confirmed that the INEOS owner has had his deadline extended to midnight on February 17.
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The football club confirmed the extension late on Monday night, with new financial documentation released saying: "On February 12, 2024, the Offerors extended the expiration date of the Offer to one minute after 11:59 p.m. Eastern Time on February 16, 2024, unless extended or earlier terminated, in either case pursuant to the terms of the Transaction Agreement. The Offer was previously scheduled to expire at one minute after 11:59 p.m. Eastern Time on February 13, 2024."
It continued: "Computershare Trust Company, N.A., the depositary for the Offer, has advised the Offerors that, as of 5:00 p.m. Eastern Time on February 9, 2024, 19,431,468 Class A Shares, representing approximately 36.7% of the outstanding Class A Shares, have been validly tendered (and not validly withdrawn) pursuant to the Offer."
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