Rooney Brothers Reject Takeover Offer From Druckenmiller
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Druckenmiller Withdraws Offer For Steelers
Following Rejection From Rooney Brothers |
Steelers investors Tim, Art Jr., John and Patrick Rooney Thursday rejected Duquesne Capital Management Chair Stanley Druckenmiller's "offer to buy their shares" in the team, according to a front-page piece by Dulac & Bouchette of the PITTSBURGH POST-GAZETTE. The four brothers Thursday afternoon voted to reject Druckenmiller's offer, which "was believed to be in the neighborhood of $550[M]," and Druckenmiller "immediately withdrew his offer" to acquire the shares. Druckenmiller: "Of course I'm disappointed. But those are their shares and they have every right to seek a higher price for them." Dulac & Bouchette note the vote "does not mean, however, that the Rooney brothers ... have decided to sell their shares" to Steelers Chair Dan Rooney. Sources indicated that the four brothers instead "may opt to entertain other outside bids in an attempt to gain more money" for their combined 64% stake in the franchise. A Rooney family source said that John Rooney Thursday "argued for his brothers to take Dan Rooney's offer at their meeting, but no decision was made on that matter." Art Rooney Jr.: "Neither proposal had sufficient support in its current form." Druckenmiller previously "imposed a flexible" Friday deadline for the Rooney brothers to decide on his offer. But Art Rooney Jr. said, "The deadline doesn't mean too much to me, with all due respect to Mr. Druckenmiller. I just want to do things that are right for my family and the Steelers, too, not because there's a deadline" (PITTSBURGH POST-GAZETTE, 9/19). In Pittsburgh, Carl Prine reports Druckenmiller's bid was "reputed to hover near $800[M]" (Pittsburgh TRIBUNE-REVIEW, 9/19). The WALL STREET JOURNAL's Matthew Futterman cites a source who indicated that talks "stalled during the summer due to squabbling within the family, leading Mr. Druckenmiller to pull out" (WALL STREET JOURNAL, 9/19).
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