Kroenke snaps up more Arsenal shares to edge closer to Emirates takeover
24 Nov 2009 - 14:05:40
American Stan Kroenke is just 62 Arsenal shares away from being obliged to make a formal offer for the Barclays Premier League club.
The business tycoon purchased 10 more shares last Thursday, at a cost of £85,000, meaning his stake in the Gunners now stands at 29.9%.
Kroenke's latest acquisition continues thetrend of picking up stock at regular intervals, recently buying 100from chairman Peter Hill-Wood, yet without making a formal bid foroverall control at club.
Money man: Arsenal's major shareholder Stan Kroenke (left) and chairman Peter Hill-Wood
What the back pages say: Stan Kroenke promises not make Arsenal the next Liverpool, two-tier Premier League with Rangers and Celtic in to be discussed next weekKroenke splashes £1.7m in another Arsenal shares raid - takeover imminentArsenal poised for US takeover as Kroenke nudges closer to ownershipArsenal share war: Billionaires Alisher Usmanov and Stan Kroenke set for takeover battle Uunder the strict financial rules of the City, were Kroenke - whoowns the Denver Nuggets basketball team - to cross the 29.99% takeoverthreshold, he would be obliged to make a formal offer for the remainderof the shares at the highest price paid for stock during the past 12months, which was £10,500 in May.
However, shareholders would not be forced to sell, and so after theoffer had been made, if Kroenke, already on the Arsenal board, was notable to reach 50%, then he could not return to make another takeoveroffer for 12 months, unless invited to do so by the company.
Attractive investment: Theo Walcott in action in Arsenal's loss to Sunderland
It has been suggested Kroenke's continued steady investment isdesigned to fend off possible aggressive moves by Russian AlisherUsmanov, whose Red & White Holdings have just over 25% of the club.
Lady Nina Bracewell-Smith, who left the board during December lastyear, could well hold the balance of power with her family's 15.9%stake, which if sold to either Kroenke or Usmanov would push both wellpast the takeover threshold.
What the back pages say: Stan Kroenke promises not make Arsenal the next Liverpool, two-tier Premier League with Rangers and Celtic in to be discussed next weekKroenke splashes £1.7m in another Arsenal shares raid - takeover imminentArsenal poised for US takeover as Kroenke nudges closer to ownershipArsenal share war: Billionaires Alisher Usmanov and Stan Kroenke set for takeover battle
Explore more:People:Theo Walcott, Nina Bracewell-Smith, Peter Hill-WoodPlaces:Premier League club
