Manchester United Stock News: MANU leaps 16% on Qatar takeover bid
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- Qatar Sheikh Jassim’s $6.28 billion bid for Manchester United is rumored to be accepted.
- Manchester United has not responded to questions on Tuesday.
- MANU stock jumped more than 16% in Tuesday’s premarket.
- The Glazer family reportedly asked for $7.5 billion.
Manchester United (MANU) stock soared 16.2% in Tuesday’s premarket after reports that a bid from Qatar was likely to be accepted. Although the news has not been verified yet by the western press, Qatar’s Al-Watan newspaper reported that a Qatari sheik’s fifth-round bid had been accepted to buy the Red Devils.
MANU stock is trading above $23 in the premarket after closing on Monday at $20.13.
Manchester United stock news: $6.28 billion bid was final for Sheikh Jassim
Both Reuters and CNBC reported early on Tuesday that Sheikh Jassim bin Hamad al-Thani of Qatar’s fifth and final bid had been accepted by the Glazer family that owns Manchester United, citing Qatari newspaper Al-Watan
Sheikh Jassim had bid $6.28 billion this spring after British billionaire Jim Ratcliffe had outbid him in the fourth round. Manchester United itself has not yet announced whether the deal has been accepted. It was reported earlier that the Glazer family was looking for $7.5 billion.
Sheikh Jassim is the brother of the Emir of Qatar. He famously abdicated his position as Crown Prince in 2003 in favor of his brother Tamim.
Manchester United finished the 2022-23 English Premier League table in third place behind Manchester City and Arsenal. The Red Devils won 23 matches, lost nine and featured in six draws.
Manchester United stock chart
MANU stock lifted more than 50% last November, when it became clear that the Glazer family was really open to selling the franchise following several years of fan-perceived team underperformance.
Tuesday’s news puts Manchester United stock well above the 50-day moving average. The rally has also placed it above the descending top trendline that has been in place since mid-February, when the stock thrust above $27 per share. Other recent resistance levels that bulls may push for include $23.40 and $25.45.
The Relative Strength Index (RSI) is above the 50 level, which is bullish, but not yet in overbought territory.
MANU daily chart
