Rangers in takeover talks
Thu 18th Nov 2010 | Clubs Ownership
Scottish Premier League title holders Rangers Football Club, look set to get new owners as Craig Whyte and Andrew Ellis confirm they are in talks over a joint bid to buy Sir David Murray's shares.
It’s understands that, if the deal goes ahead, Whyte will hold a 75 per cent stake in the pair's purchase of Murray's 92 per cent shareholding with Ellis, who failed in a takeover bid earlier this year, will hold the remaining 25 per cent.
The pair expect to make the £33 million purchase soon and have pledged that, £27.5 million will be spent clearing Rangers' debts with Lloyds TSB. A further £5.5 million will then be spent on paying shareholders, with 85 per cent of that figure going to Murray.
A statement, released on Whyte's behalf on Thursday morning, read: “Craig Whyte notes the articles in today's press regarding discussions between him and Murray International Holdings Limited ("MIH") with a view to him acquiring MIH's majority shareholding in Rangers Football Club Plc ("RFC").
“Mr Whyte confirms that he is considering making an offer for RFC and is in talks with MIH but that these are at an early stage and there can be no certainty that an offer will ultimately be made.
“Mr Whyte has not yet approached the board of RFC. A further statement will be made in due course.
"This is an announcement falling under Rule 2.4 of the City Code on Takeovers and Mergers (the "Code") and does not constitute an announcement of a firm intention to make an offer. Accordingly, there can be no certainty that a formal offer for Rangers Football Club Plc will be made."
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