TV company withdraws Arsenal bid
Posted: Friday November 20, 1998 01:05 PM
LONDON, England (AP) -- The TV company Carlton Communications on Friday
called off its bid to take over North London soccer club Arsenal.
The moves comes just a day after angry fans turned up at a
Manchester United shareholders meeting to oppose a takeover bid for
the club by Rupert Murdoch's BSkyB television.
Carlton announced it was involved in talks with Arsenal on September
10, the day after BSkyB unveiled its bid for Manchester United.
The Manchester United deal has been accepted by the team's board
of directors, but still needs approval by the government's
Monopolies and Mergers Commission.
No price for the Carlton bid was made public, although a figure
of 275 million pounds (US$457 million) was widely reported. BSkyB
has offered 623 million pounds (US$1 billion) for Manchester
United, the highest ever for a sports franchise.
Carlton offered no immediate explanation for its reversal.
Arsenal's stock price Friday was valued at 162 million pounds
(US$268 million), or 2,900 pounds (US$4,800) per share.
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