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27 Oct 2009

Eversheds comment: Stan Kroenke increases Arsenal stake


Following Stan Kroenke purchasing further shares in Arsenal, leaving him just short of the 29.9 per cent threshold at which he would be required to make a formal offer for the club under the Takeover Code, Steve Nash, partner at international law firm Eversheds comments:

“Although Stan Kroenke has been building his stake in Arsenal for some time and is now approaching the 29.9% threshold beyond which he would be required under the Takeover Code to make a mandatory offer to all other Arsenal shareholders to acquire their shares in cash at not less than the highest price he has paid for an Arsenal share in the previous 12 months, he has been, and remains, free to launch a voluntary offer for the club at any time.

“It is difficult to see what would be gained by triggering a mandatory offer and it is likely therefore that any offer would be made on a voluntary basis. However, as Mr Kroenke has acquired more than 10% of the club in the previous 12 months any such voluntary offer would also need to be made at not less than the highest price paid during that period, currently the £10,500 per share paid in May 2009. If Mr Kroenke wants to make a voluntary offer at less than £10,500 per share he will have to wait until April 2010 as that is when the relevant purchase of 5,000 shares at the end of March 2009 will cease to have been made within the previous 12 months.”

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