Manchester United (MANU) Plc’s majority shareholders, the U.S.-based Glazer family, announced plans to sell 8 million shares, or about 5% of the record 20-time English soccer champion, in a public offering.
Manchester United stock closed at $19.31 yesterday in New York, down 11 cents for the day. No price has been set for the shares being released. All the proceeds will go to Red Football LLC, the Glazers’ investment vehicle, and not to Manchester United, according to the news release.
At yesterday’s closing price, the sale of the 8 million shares would translate into about $150 million for the family.
The sale is being handled by Jefferies LLC, BofA Merrill Lynch, Credit Suisse Securities (CSSIFAB) LLC, Deutsche Bank Securities Inc. and Nomura Securities International Inc. The underwriters have the option to purchase a further 1.2 million shares, according to a news release yesterday announcing the sale.