BSkyB still short of controlling stake
Murdoch now has nearly 45 percent of club's shares
Posted: Tuesday October 27, 1998 10:20 AM
LONDON (AP) -- Rupert Murdoch's BSkyB said Tuesday it has not yet
won control of the majority of shares in Manchester United, the
soccer club it hopes to purchase for 623 million pounds ($1
billion).
The satellite broadcasting company said it had received valid
acceptances from shareholders representing 33.5 percent of the
club's shares.
Combined with shares that BSkyB has been buying directly, the
broadcaster has a total ownership just under 45 percent.
For a takeover, the company has to have more than 50 percent to
gain a controlling stake in the club.
Shareholders have until next Tuesday to decide whether to accept
the offer, although BSkyB can extend the deadline until early
December if it chooses.
The government's Office of Fair Trading is expected to issue a
report into the monopoly implications of the deal next week.
If it recommends further investigation from the Monopolies and
Mergers Commission, the offer would remain on hold while the
inquiry takes place.
The Financial Times reported Monday that Peter Mandelson, trade
and industry secretary, was facing growing pressure from fellow
cabinet members to refer the deal to the Monopolies and Mergers
Commission.
Copyright 2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
| 
