Issue link: https://maltatoday.uberflip.com/i/1504928
SYMBOL LAST CHANGE % HIGH LOW DOW JONES – US 33,561.80 -56.88 -0.17% 33,656.40 33,509.70 NASDAQ – US 12,179.50 +0.00 +0.00% 12,216.10 12,174.10 S&P 500 – US 4,119.17 -18.95 -0.46% 4,130.35 4,116.65 RUSSELL 2000 – US 1,749.68 -4.79 -0.27% 1,756.09 1,737.70 S&P TSX – CANADA 20,585.70 +0.58 +0.00% 20,599.00 20,455.50 IPC – MEXICO 55,452.70 +419.61 +0.76% 55,497.80 54,899.40 FTSE – UK 7,750.80 -13.29 -0.17% 7,778.98 7,750.37 CAC 40 – FRANCE 7,373.77 -23.40 -0.32% 7,416.32 7,373.20 DAX 40 – GERMANY 15,886.20 -69.32 -0.43% 15,980.80 15,884.00 FTSE MIB – ITALY 27,325.70 -57.80 -0.21% 27,476.40 27,324.70 MICEX – RUSSIA 2,524.31 -3.28 -0.13% 2,535.03 2,483.79 NIKKEI 225 – JAPAN 29,122.20 -120.64 -0.41% 29,195.20 29,070.10 SHANGHAI COMPOSITE – CHINA 3,319.15 -38.52 -1.15% 3,349.72 3,305.25 HANG SENG – HONG KONG 19,776.90 -90.64 -0.46% 19,880.00 19,696.60 NIFTY 50 – INDIA 18,249.10 -16.90 -0.09% 18,323.20 18,211.90 KOSPI – KOREA 2,496.51 -13.55 -0.54% 2,510.13 2,488.42 3.8.2023 7 MARKETS International Markets Global Indices Trading Date: 3 August 2023 Manchester United takeover: shares slump on fears Glazers have 'paused' process MANCHESTER United Plc (NYSE:MANU) shares plum- meted late in Tuesday's trading on the New York Stock Exchange amid fresh fears that the takeover process had been "paused" by the club's American majority owners. The Glazer family have effectively paused the process, according to a report by The I newspaper, citing a source close to one of the bids. Moreover, the story noted that Avram and Joel Glazer - the two Glazer siblings with direct involvement in the running of Manchester United - had been "disappointed" by the valuations of the takeover offers from INEOS owner Sir Jim Ratcliffe and the Qatari consortium led by Sheikh Jassim bin Jaber Al Thani. Whilst unconfirmed, due to confidentiality within the sales process, the takeover offers came in below the "six billion" asking price set by the Glazers when they hired New York bankers The Raine Group. According to The I, the pair of Glazer siblings see potential value catalysts coming "around the corner" such as new TV rights deals, a possible new Champions League format, and growing interest in the Premier League in the United States. A new curiously timed announcement of Manchester United's new kit deal with Adidas, which secured improved terms compared to its preceding 2014/15 partnership, was pointed to by the paper as an example of this "uplift" in Manchester United's commercial value. Evidently, however, trading action on the New York Stock Exchange suggests that it is takeover talk and speculation that has underpinned the Manchester United valuation, rather than the growth slides contained within the Glazers' pitch deck. News that the Glazers have "paused" the process prompted an 8.5% fall in the Manchester United share price, which lost US$1.90 per share to trade below US$20.30 – at this level, the club has a market value of around US$3.3 billion. If the 'pause' reports are confirmed, the news would likely also stir up further unrest amongst the Manchester United fanbase which has regularly protested against the unpopular American owners since they acquired the club via leveraged takeover in 2005. FTSE 100 Daily Price Chart DAX 40 Daily Price Chart News that the Glazers have paused the takeover bid process is likely to stir up further unrest amongst the Manchester United fanbase which has regularly protested against the unpopular American owners since they acquired the club via leveraged takeover in 2005