US tycoon Malcolm Glazer plans to delist Britain's Manchester United soccer club as early as June 22nd as part of his £790 million takeover, his bankers said today.
In a statement, investment bank Rothschild said Glazer planned to apply to the UK's listing authority to cancel Manchester United Plc's listing from the London Stock Exchange, on June 22nd "or as soon thereafter as is practicable".
Rothschild made the statement as it posted Glazer's offer document to shareholders, kicking off a timetable for the US financier to close his acquisition of the 15-times English soccer champions.
Glazer already owns 76.2 per cent of United after acquiring a key stake from the club's biggest shareholder and snapping up other shares in a series of deals over the past two weeks.
Shareholders will be able to sell their shares to Glazer until June 13, Rothschild said.