Rangers chairman makes court ordered shares buy out bid
Rangers chairman Dave King has made an £11million offer to buy out the rest of the shares in the Ibrox club.
Rangers chairman Dave King has made an £11million offer to buy out the rest of the shares in the Ibrox club.
King was ordered to make an offer for the remainder of the shares in Rangers International Football Club Ltd by the Takeover Panel after it ruled the South Africa-based businessman had acted in concert'' with fellow investors when they took control of the club in 2015.
After a protracted court case, King finally agreed in December that he would make the offer and details of the bid were then posted on the Rangers website on Friday afternoon, just hours before the deadline.
Shareholders have until 1pm on February 15 to decide whether to accept the offer of 20 pence per share.
King has notified the courts that he will use Laird Investments, a family-owned trust, to fulfil the ruling.
The Castlemilk-born tycoon seized control of the club from the previous Mike Ashley-backed regime four years ago when he teamed up with a group known as the 'Three Bears' - businessmen Douglas Park, George Letham and George Taylor.
But as they collectively held more than 30 per cent of the shares in the club's holding company RIFC Ltd, the Takeover Panel ordered King as the group's leader to comply with stock market rules which meant he must make a bid for the remainder of the shares.
However, a number of shareholders have already given King irrevocable undertakings'' that they will not accept the offer