Popular English football club Manchester United (NYSE:MANU) surged in pre-market trading after Sky News reported that Sir Jim Ratcliffe could be close to acquiring a 25% stake in the football club. The report stated that Ratcliffe could acquire this stake at $33 per share.
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While the deal is yet to be finalized, if confirmed, the price would represent a premium of more than 75% to MANU’s closing price of $18.43 on Thursday, indicating a market capitalization of $3.04 billion (£2.44 billion).
Apparently, the Glazer family, the current owners of MANU, are keen to close the deal before the Thanksgiving holiday begins next week in the U.S. Sir Jim Ratcliffe, owner of Ineos Sports, wants to acquire 25% of MANU’s Class A and Class B shares. It’s worth noting that Class B shares carry greater voting rights and are held exclusively by the Glazers.
Is MANU a Buy or Sell?
While no analysts have covered MANU stock over the past three months, MANU has soared by more than 40% in the past year.
