Sarver retreats after Rangers reject new offer
AMERICAN multi-millionaire financier Robert Sarver yesterday declared himself out of the running for Rangers after the beleaguered Scottish football club rejected his latest £20m takeover proposal.
The offer involved the placing of 100m shares at 20p each, a move that would have required the approval of at least 75 per cent of shareholders. The board of the 54-time Scottish champions said in a statement yesterday morning that it had rejected the offer because it did not think that the required 75 per cent would back the deal.
“Following receipt of the revised proposal from Mr Sarver, the board has sought the views of a number of major shareholders on this revised proposal and has reached the same conclusion, namely that the resolution to approve the placing is unlikely to achieve the 75 per cent majority required,” read the statement.
Phoenix Suns owner Sarver subsequently released his own statement saying that as a result of the board’s failure to provide a counter offer and reluctance to engage in meaningful negotiations, he would not now make a formal offer for the club.
“I’m disappointed the Rangers board has rejected my revised offer, which addressed the club’s immediate and long-term needs,” said Sarver.
“Clearly the current directors have a different path they want to go down. I hope for the sake of the club and the fans, who’ve been very warm and supportive towards me, that it works out. I wish the club and fans the best of luck. If they want my support in the future, then they only have to ask.”