Tap For Menu  
Single word yields best result

Football News: Rangers reject Sarver takeover bid

Rangers reject Sarver takeover bid
Image from: www.football-pictures.net

The board of Rangers International Football Club today announced that they have rejected a takeover approach from American financier Robert Sarver, saying that the £18 million bid undervalues the club and is not enough for a controlling interest in the financially troubled Ibrox outfit.

A statement to the London Stock Exchange read "While the directors welcome Mr Sarver's approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the company,"

"And, accordingly, the resolution to approve the placing is unlikely to achieve the 75% majority required.

"The directors do not intend to hold the general meeting, which would be necessary to implement the proposal."

This comes only a day after shareholder Sandy Easdale made a £500,000 loan to cover immediate working capital for the next few days, outlining to dire financial predicament that the record 54 times Scottish Champions find themselves in.

There has been no further indication whether Sarver will return with a further bid or whether the offer is dead in the water.

Written by Dave Laurie January 06 2015 17:55:48