Source :
http://news.bbc.co.uk/1/hi/business/4090920.stm
US sports tycoon Malcolm Glazer has been steadily buying up blocks of Manchester United shares over the past months, and has passed a number of major ownership landmarks which have given him almost complete ownership of the club.
Mr Glazer doesn't own all of the club's shares yet. What is the latest development?
The Glazers have said they now own 97.3% of Manchester United's total shareholding.
This leaves them just short of the 97.6% shareholding needed to gain complete control of the club - at this level of ownership, minority shareholders can be forced to sell their stake to him.
However, Mr Glazer has now indicated he is extending his £3-a-share offer until Monday, 27 June, for those who have so far chosen not to sell to him.
What happens next?
If he reaches the 97.6% threshold, he can then force the remaining minority shareholders to sell shares to him.
The club would then be totally owned by the Glazer family.
Any dividends paid by Manchester United would go to his Red Football vehicle - which was used to buy the club.
The AGM would be attended just by his family and club directors.
What happens if he does not reach the 97.6% mark?
By extending his deadline, it appears he is determined to gain complete ownership of Manchester United.
Will Mr Glazer keep making offers indefinitely?
If by 27 June he does not have enough shares, he could continue to extend the deadline.
According to UK Takeover Panel rules, Mr Glazer can extend his offer for the remaining shareholding for as long as he likes, and as many times as he likes.
New offer periods could be anything from one day to "indefinitely".
However if he makes an indefinite offer, he would have to give 14 days notice that it was ending.
He may decide to give up on his attempt to buy all the club's shares, leaving the club with a minority shareholder group.
If he is unsuccessful in gaining 100% control, what rights would minority shareholders have?
They would have a life on the sidelines, at least as far as running the company is concerned.
Their shareholding would "wither on the vine" as it would be almost impossible to trade the shares, particularly if the Glazers go ahead with plans to delist from the stock market.
However, die-hard opponents of Mr Glazer may be content to remain "a thorn in the side" of the American billionaire.
They could attend AGMs, at which they could express their points of view, and they would get a copy of the annual report.
However, the AGM can be held wherever the Glazers want them to be held.
Minority shareholders would have to share any dividend paid by the club, should the Glazers decide to pay one.
How do analysts see the situation?
Some analysts expect the Glazers to get the shares they need at the end of this two-week extension of the latest offer.
They say that some shareholders may have been on holiday when the original documents arrived, or unable to return their acceptance forms for other reasons.
They may also simply change their minds by 27 June.
With Manchester United shares reaching 309 pence on Tuesday there has been speculation fans group Shareholders United is buying remaining shares to keep them from Mr Glazer, though Shareholders United has denied this.
What does Shareholders United say?
Its position remains that if fans do want to sell shares to Mr Glazer, then they should consider putting the earnings from that sale into a "phoenix fund" .
The fund would be used to buy back the club should the Glazers consider selling in coming years.
It has also said fans may consider holding onto a handful of shares in case the 97.6% mark is not reached.
Fans with shares would then have the limited minority-shareholder benefits mentioned above.
Does Mr Glazer have any other plans afoot for the shares?
After he passed the 75% ownership mark, he got the right to take the club private - delist its shares from the London Stock Exchange.
He has indicated he plans to eventually delist the club's shares from the market.
The provisional date for delisting was 22 June, but that may not now go ahead, given that he has set 27 June as deadline for his latest offer.
