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Magnier & McManus Buy More ManU Stock, Own More Than 25%
Published January 21, 2004
|Magnier & McManus Now
Own 25% Of Profitable Club
Cubic Expression, an investment vehicle co-owned by Irish racing tycoons John Magnier and JP McManus, confirmed Monday that it had bought 3.3 million shares of Manchester United, bringing its total to 66.5 million shares, or about 25.5% of the team, according to Nick Harris of the London INDEPENDENT. The move will likely "fuel fresh speculation about a takeover," as any investor who amasses a 30% stake in the company "is required to make a bid offer to all other shareholders." Shareholders United, an organized group of fans, has said that it "would fight any attempted takeover." Harris noted the move "increased the likelihood that the pair will seek representation" on ManU's BOD (London INDEPENDENT, 1/20).