City takeover talks continue
28 Jun 2007 - 07:26:22
Birmingham City have confirmed that "discussions are continuing" over a possible takeover after Hong Kong businessman Carson Yeung purchased 29.9 per cent of the club's shares.
Yeung's Grandtop International Holdings Limited company (GIHL) was granted permission to buy the stake by Blues directors David and Ralph Gold, David Sullivan, Karren Brady and Roger Bannister on Wednesday.
The Hong Kong-based businessmen stopped short of the 30 per cent mark at which he is compelled to make a formal offer for the entire company, but that move could still happen according to a club statement.
"Shareholders should be aware that there is currently no indication at this stage that a formal offer will be made for the company as a whole but discussions are continuing with GIHL which may or may not lead to a cash offer being made for the company in due course," confirmed the statement.
Meanwhile, the Blues are expected to confirm the capture of Scotland striker Garry O'Connor in the coming days.
City have agreed a £2.7million fee with Lokomotiv Moscow for the unsettled former Hibernian striker, who moved to Russia less than 18 months ago.
