U.S. financier Malcolm Glazer is set to approach Manchester United's two biggest shareholders to offer to buy their majority stake in the world's richest soccer club, people familiar with the deal said on Tuesday.
If J.P. McManus and John Magnier agree to sell their 28.8 percent stake, then Glazer, who already owns 28.1 percent, will launch a tender offer for the remaining shares, they said.
"They will talk very shortly, in the next day or so," one person said, adding there could be an announcement as soon as Wednesday or Thursday.
A debt-free business with one of the best known brands globally, Manchester United (MNU.L: Quote, Profile, Research) is seen as vulnerable to a takeover because of its huge marketing and cash generating potential.
Getting the Irish on board is Glazer's last ditch attempt to clinch the 15 times English soccer league champions after United's board said late last month they could not recommend his 800 million pound takeover offer.
Critics argued the board should have recommended the offer, which, at 300 pence a share, represents a 12 percent premium to United's current share price of 267p.
If the Irish investors refuse to sell, however, Glazer and his two sons, Joel and Avi, will be forced to walk away. It will be the third time their takeover attempt has foundered.
It was the failure to get the Irish on board that led to the collapse of Glazer's bid last time round. At the time, sources close to the process said the Irish walked away because they wanted their money, about 228 million pounds, up front, not as part of any takeover offer.
This time round Glazer's camp is more hopeful because they have the cash on hand if the Irish pair, who invest through their Cubic Expression vehicle, give them the green light.
That way the deal will be quick and clean and the notoriously press shy Irish can stay out of the limelight.
The Irish fear backlash from irate United fans who have ferociously attacked Glazer, saying the American will hike ticket prices and cut back on player investments to pay back the debt he accrued to buy the club.
A spokesman for Cubic Expression declined to comment.
