The much anticipated announcement of the offer for Arsenal Holdings has just been posted on the Plus markets site.
i am bound by the rules of the Stock Market not to reproduce the contents, but I am able to post you the link where you can read it for yourself!
The saga goes on!
on my initial reading, as expected the Chairman of Arsenal Sir Peter Hill-Wood has recommended that the shareholders accept the cash offer of £11,750 per share, and points out that no debt finance will be placed upon the business of Arsenal. The offer values the Arsenal at £731 million. Stan Kroenke’s shareholding now stands at 62.89% of the 62,219 shares available.
Shareholders have until 1.00pm on the 27th May 2011 to accept the offer.
The Arsenal Supporters trust are already on record as voicing their opposition to this offer and are urging all supporters NOT to accept the offer, in the interests of maintaining the plurality of ownership. This statement can be read here.
It also seems likely that Mr Usmanov and Moshiri of Red and White Holdings will decide to reject the offer, so quite where this leaves Mr Kroenke, remains to be seen. It opens the way for counter or rival offers, and seeing as Red and White Holdings were still buying shares as recently as yesterday, does this mean a takeover battle is in the offing? Only time will tell I’m afraid, I know as much as you do.
Enjoy
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