The Newcastle Board of Directors issued a statement this afternoon – which indicated (not very surprisingly) they will be considering the takeover offer from Mike Ashley shortly.Â In these situations the Board has to be fairly prompt in either accepting the offer – of rejecting the offer – so we would expect an answer fairly quickly – hopefully within the next few days.
We’ve also found a recent photograph of potential new owner Mike Ashley – who apparently guards his privacy – and does not allow many photographs to be taken of him.
If he is successful in his bid to buy Newcastle United – that may need to change.
The big question on Tyneside now of course is will Freddy Shepherd – after 10 years as Chairman – finally sell his shares to would-be owner Mike Ashley.
Certainly we believe there is going to be increased pressure from Newcastle fans for Shepherd to sell his shares – and it is no secret that many put the lack of success of Newcastle over the last ten years down to the rather inept running of the club by Shepherd.
It would not surprise us if there were even demonstrations for Shepherd to sell his shares – such is the current excitement on Tyneside of having money injected into the club – which we are of course assuming will happen – should Ashley take over.
We would say it’s more likely than not that Shepherd will sell – and the decision will be made fairly quickly.
For the record here is the official statement from the Board – issued this afternoon.
The Board of Newcastle United notes the announcement by SJHL regarding its acquisition of 55,342,223 Newcastle United shares at a price of 100 pence per ordinary share, and the terms of a mandatory cash offer of 100 pence per ordinary share in accordance with the provisions of Rule 9 of the City Code on Takeovers and Mergers (the “Code”) for all of the issued and to be issued share capital of Newcastle United which is not already owned by SJHL.
The Board of Newcastle United will meet to consider the offer shortly. Newcastle United shareholders are urged to take no further action at this stage.
A further announcement will be made in due course.
As usual we appreciate any comments on this.