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Kroenke's offer to Arsenal shareholders remains open

Wed 18th May 2011 | Clubs Ownership

Arsenal’s majority shareholder, Stan Kroenke has said his unconditional offer to the club’s remaining shareholders will remain open despite not completing a full takeover of the Barclays Premier League club.

Kroenke Sports Enterprises (KSE) took a controlling interest in Arsenal's parent holding company last month after purchasing shares from Lady Nina Bracewell-Smith and the late Danny Fiszman.

Those dealings took the Denver-based entrepreneur over the mandatory 30% threshold at which he was, under City rules, obliged to make a formal offer for the remaining capital at £11,750 a share which valued the club at some £750million.

A statement to the PLUS Stock Exchange read: "KSE is pleased to announce that the Acceptance Condition has now been satisfied and the Offer is therefore unconditional in all respects.

"The Offer, which remains subject to the terms set out in the Offer Document, will remain open for acceptances until further notice."

In the 64-page formal offer document distributed to all shareholders last month, chairmen Peter Hill-Wood said the Arsenal board were "confident" Kroenke would be a "safe custodian" of the club's future.

Indeed, when the takeover offer was first announced, KSE had declared: "We intend to build on this rich heritage and take the club to new success."

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