Apple’s (NASDAQ:AAPL) CEO Tim Cook is reportedly planning to take over Manchester United (NYSE:MANU) in a deal worth about $7 billion. The news reported by the Daily Star stated that the deal would make MANU the world’s richest club.
Apple sees this deal as a chance to explore fresh opportunities, though it has no prior experience owning a Premier League club.
Several other parties have shown interest in the club’s sale, including the U.K.’s richest man, Sir Jim Ratcliffe, Amazon (NASDAQ:AMZN), and Facebook, and former United midfielder David Beckham. It would be interesting to see who would win the bidding match as the club’s current owners, The Glazers, are looking to sell MANU to the highest bidder.
The news of the takeover is likely to excite MANU fans, as they have been protesting against the current ownership. Also, investors might just take a sigh of relief at news of Apple’s interest.
Shares of the football club had gained 25.8% on November 23 after its owners announced plans to look for “strategic alternatives.” The news of Apple’s buying interest might rally the stock further.
Should You Buy Apple Now?
The tech giant has always been favored by analysts. AAPL stock has received 24 Buy and four Hold recommendations for an overall Strong Buy consensus rating. The stock average price forecast of $180.48 implies 19.46% upside potential.
Is Manchester United a Buy?
MANU is currently a Moderate Buy based on a single Buy rating from Jefferies analyst Randal Konik. Recently, Konik reiterated the rating on the stock with a price target of $17 which implies 9.57% downside potential.
