Why Manchester United Stock Is Down Big Today
Manchester United (NYSE: MANU) reportedly got taken off the market because its controlling shareholders failed to receive their target valuation from bidding companies. Investors are disappointed, sending share prices of the storied English soccer club down as much as 20% on Tuesday.
Few sports brands resonate globally the way Manchester United does, but it can be hard to put a precise value on that popularity. Last November the Glazer family, which controls the New York Stock Exchange-listed company behind the team, hired bankers to explore options for Manchester United.
At least two firm bidders emerged, but a report out Tuesday suggests the Glazers were not satisfied with the amounts offered. The Daily Mail reported that Manchester United has been taken off the market after bidders failed to match the club's 10 billion pounds ($12.58 billion) asking price.
Source Fool.com
