Stan Kroenke buys more Arsenal shares to move closer to takeover threshold

05 November 2009 09:50
The Denver-based sports magnate now controls 29.9 per cent of the company, just short of the 29.99 per cent threshold beyond which he would be forced to make an offer for the remaining shares.

One hundred of the shares purchased by Kroenke were bought from Arsenal chairman Peter Hill-Wood.

 Related ArticlesArsenal 4 AZ Alkmaar 1Arsène Wenger can make European pipe dream a realityKroenke increases Arsenal stake to 29.6 per centChampions League tablesChampions League actionChampions League fixturesWhen the matter of Kroenke's intentions for Arsenal were raised during the recent Annual General Meeting at Emirates Stadium, the American - nicknamed 'Silent Stan' - chose not to take the opportunity to address the gathered shareholders, with Hill-Wood intervening.

Any public statements against future bid intentions must be unambiguous, otherwise the individual or group would, under the Takeover Panel's rule 2.8, be prevented from making a formal move for six months.

While Hill-Wood has said major changes behind the scenes are not on the agenda, the Arsenal chairman has added that he is "very relaxed" about a proposed takeover by the American.

Source: Telegraph