Ibrox chairman abides by ruling
King finally makes offer to buy out Rangers shareholders
Dave King: proposal made through investment company (pic: SNS Group)
Rangers chairman Dave King has made a £19 million offer to buy the shares in the Ibrox club not already owned by him and three other shareholders.
Mr King was obliged to make an offer of 20p per share for the remainder of the shares in Rangers International Football Club by the Takeover Panel.
It ruled the South Africa-based businessman had acted “in concert” with fellow investors George Letham, George Taylor and Douglas Park when they took control of the club in 2015. In the process they together acquired 30% of the company, making an offer mandatory under takeover rules.
Mr King’s proposal has been submitted through an investment company, Laird Investments, owned by the King family trust.
An accompanying letter from Rangers’ independent directors recommends shareholders accept the offer. A number of shareholders have already given “irrevocable undertakings” that they will not accept the offer, potentially reducing the final bill by around £11million.
The offer is open until 1pm on 15 February.