Scottish Championship Side Hibernian Rejects David Low's $5.8M Takeover Bid
Scottish Championship side Hibernian has confirmed that a £3.5M ($5.8M) takeover bid has been rejected on the grounds that it is "not in the best interests of the club," according to the BBC. Financial adviser David Low "tabled the offer on behalf of a consortium" that reportedly includes former Hibernian Chair Malcolm McPherson. Low "will not return with an improved bid." A club statement said, "The first consideration for any proposal received is whether it is in the best long-term interests of Hibernian" (BBC, 8/13). The Scotland DAILY RECORD reported Low hit out at Hibernian Chair Rod Petrie after having a £3.5M bid "for the Easter Road club booted out." Low "was spearheading the bid from a group of potential investors" that includes McPherson and Ralph Lynch, son of ex-Celtic Nation owner Frank. Low on Wednesday released a statement on the matter in which he claimed Petrie's decision "has more to do with personal wealth management than any Legacy for Leith" (DAILY RECORD, 8/13). STV's Jamie Borthwick wrote a spokesperson for Hibernian responded on Wednesday afternoon "clarifying the Easter Road side's position." The statement read, "Mr Low was given every courtesy to explain the benefits to the football club of his proposals to an independent expert. Potential benefit to the club was put ahead of any personal consideration" (STV, 8/13).