Wednesday, March 31, 2004

Trust me, I'm rich and powerful

Here’s a stunning example of how trust works (or not) in English capitalism and why emptors really ought to caveat. It’s from today’s Guardian:

In a statement to the London Stock Exchange, the American sports tycoon Malcolm Glazer, who owns more than 16% of the club, said that he had "no current intention to make an offer for Manchester United".
The statement was enough to end United's financial status as being in an "offer period" - which limits the actions of a target company - and would normally also safeguard the club against any move by Glazer for six months.
But the billionaire owner of American Football's Tampa Bay Buccaneers has negotiated a special deal with the Takeover Panel - which monitors City bid action to ensure fair play - that will exempt him from that rule, allowing him to change his mind at any time. He has also retained the right to buy and sell United shares.

So that's OK then.