Manchester United has received a new bid approach from Malcolm Glazer, boosting its shares, but the world's richest soccer club said on Monday it would only talk to the US financier if he made a firm offer.
A source familiar with the situation told Reuters on Sunday that Glazer, owner of the Tampa Bay Buccaneers American football team, was planning an 800 million pound ($1.56 billion) takeover offer for the English Premier League team.
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"The board does not intend to open discussions on this matter unless it receives a definitive proposal from Glazer."
At 1430 GMT, Manchester United shares were 3.4 percent higher at 275 pence, having touched 282-3/4p earlier.
Glazer, who has had two previous approaches for the club rebuffed, met with Manchester United Chief Executive David Gill last week in Tampa, Florida, the source said. The new offer would consist of more cash and less debt than his previous proposal, he added.
United's board has said previously it would not back an offer that left the football club deeply in debt.
A debt-free business with one of the best-known brands globally, United has a huge marketing potential.
Glazer's fresh attempt to win control of the 126-year-old club comes a month after his bankers resigned after the US tycoon used his 28 percent stake in United to oust three of its board members during the club's annual general meeting.
Glazer had made the strike in retribution for the board not giving him access to the club's books for his 300 pence a share takeover approach, which valued United at about 787 million pounds at the time.
FINANCIAL BACKERS
Regardless of whether United backs Glazer's bid this time, the American will still need the support of the club's two key Irish shareholders -- horseracing magnates J P McManus and John Magnier who between them own nearly 29 percent of the club.
It was the failure to get the Irish on board that led to Glazer's last bid attempt falling apart, causing United to end the takeover talks.
A spokesman for Cubic Expression, the investment vehicle of McManus and Magnier, was not immediately available to comment.
Another question mark is who Glazer will approach to back his bid. Reports on Monday said the financier had teamed up with Germany's Commerzbank AG, which he has been close to in the past.
Other sources, however, said the American could be back in talks with J P Morgan. Although the US investment bank walked away from Glazer when he voted down Manchester United's board members, a source close to the matter said at the time it would consider working with him again if he could get things backs on friendly terms with the club.
Meanwhile, United is unable to use the powers of the UK's Takeover Panel to issue Glazer with a so called "put up or shut up" ultimatum until such time as the tycoon has actually made a fresh approach.
(Additional reporting by Mark Potter and Dan Lalor)
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