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SBD Global/July 20, 2012/Finance

ManU Is Expected To Kick Off Its IPO As Early As Next Week

ManU is expected to launch its IPO in N.Y. "as early as next week, for pricing in early August," after earlier attempts in Hong Kong, Singapore and the U.K., according to Stephen Lacey of REUTERS. The time table "marks a change from the original schedule" to proceed after the U.S. Labor Day holiday on Sept. 3. In another change, the club is now "looking to raise" $300M on the IPO, less than the $500M previously contemplated. The decision on timing and sizing is still "fluid and could change, depending on the regulatory review process." Jefferies is lead-left bookrunner in a syndicate that also includes Credit Suisse, JP Morgan, Bank of America Merrill Lynch and Deutsche Bank. Dual-class structures "are commonplace" in the U.S. and ManU has "fully embraced the provision, no doubt to keep firm control in the hands of Owner Malcolm Glazer." A source said, "There are a number of levers that are available to them, and they are taking advantage of almost all of them. But to be fair, they have been very upfront about everything they are doing, and why" (REUTERS, 7/19).
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