League Championship side Birmingham City has confirmed that it is "in advanced negotiations with a British consortium over the piecemeal sale of the club," according to the BIRMINGHAM MAIL.
Acting Chair Peter Pannu issued a statement revealing that a U.K. bidder, with a very strong North American investment fund, was "in talks with Birmingham International Holdings Limited."
Pannu announced there "had been an indicative, non-binding offer from a third party in relation to a possible acquisition of a minority interest in Birmingham City PLC." He said, "However, specific details cannot be disclosed at this moment in time due to non-disclosure agreements and HKSE (Hong Kong Stock Exchange) regulations" (BIRMINGHAM MAIL, 5/27). The HONG KONG STANDARD reported Birmingham City's Hong Kong holding company said that it "received an undisclosed offer for a stake in the football club, sending its shares soaring." It did "not disclose the offered amount or the identity of the bidder." However, it said, "If a disposal was to be agreed, only up to 24 percent interest of BCFC should be disposed of." A statement said that "no formal agreement'' has been entered in relation with the offer.
Shares in the company surged 43.3% to HK$0.175 ($0.02) "in response to the news on Tuesday morning after trading in it was suspended ahead of the announcement" (HK STANDARD, 5/27).
