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SBD Global/June 15, 2012/Finance

New York Bank Jefferies Replaces Morgan Stanley On ManU's U.S. IPO Team

N.Y.-based investment bank Jefferies "will take the place of Morgan Stanley" on the IPO of ManU, if owners the Glazer family shift the offering from Asia to the U.S., according to Ajay Makan of the FINANCIAL TIMES. A lead role on the offering "would be a coup for Jefferies" as it seeks to break into the top 10 underwriters who dominate U.S. share offerings. One banker said it was “a sign of desperation” that, so far into the deal, the Glazers would consider switching the deal to the U.S. and drafting in a relatively small bank. One banker involved with the deal said that "expectations had been scaled back," and a U.S. listing would seek to raise $500M rather than $1B. Credit Suisse and JPMorgan Chase "will be the other two leading underwriters" if the deal takes place in the U.S. ManU, Credit Suisse, JPMorgan and Morgan Stanley declined to comment. Jefferies did not respond to requests for comment (FINANCIAL TIMES, 6/14).
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