All aboard the Manchester City rollercoaster once again, less than 24hrs after it was first announced that Ray Ranson had made a bid the club have announced it has been rejected in the following statement below . Its the second curt statement to be issued by the club in two days !
Manchester City PLC("Manchester City" or the "Company") The
Board of Manchester City notes the announcement made by Ray Ranson on 24 April
2007 regarding his possible interest in making an offer for the Company. The
Board can confirm that it received, and responded promptly to, a highly
conditional indicative proposal from Ray Ranson and his advisers on 12 March
Ray Ranson’s indicative proposals to date have contained a number of
material conditions that the Board does not believe can be fulfilled and this
has been communicated to Ray Ranson’s advisers.
However, the Board granted
Ray Ranson, his financial partners and their advisers access to confidential
information and allowed Ray Ranson to carry out due diligence on the
For the avoidance of doubt, since 12 March 2007, contrary to media
speculation, neither the purported “£90 million bid” nor further proposals of
any sort have been received by the Company or its advisers from Ray
The Board will continue to consider all indicative proposals and
offers from potential offerors including Ray Ranson and, as announced on 24
April 2007, continues in preliminary discussions with interested parties. These
discussions may or may not lead to an offer being made for the Company.