Glasgow-based Rangers International Football Club plc said Monday it has fielded a takeover approach from Robert Sarver, the owner of the Phoenix Suns basketball team. While specifics of the offer weren’t disclosed, British Broadcasting Corp. previously reported Sarver proposed A£18 million ($27.6 million), plus a pledge to inject an additional A£15 million. Sarver, who has until Feb. 2 to launch a formal bid, will have to garner the backing of important shareholders including former Rangers director Dave King, who owns about 14.6% of the club via a family trust. Businessmen Douglas Park, George Letham and George Tayor together hold about 19% of shares.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
