Manchester United shares have dropped a further five per cent as the takeover process continues to idle.
Bidders are still waiting to hear back from the Raine Group, who are overseeing the sale process on behalf of the Glazer family. It is approaching a fortnight since the last bid deadline, which was extended by two days to allow the Sir Jim Ratcliffe-led INEOS Group and the Sheikh Jassim bin Hamad Al Thani-fronted Nine Two Foundation to submit improved offers during the second round of bidding.
United's share price peaked at $25.62 on Wednesday, March 22, the initial deadline day, but has gradually declined since. Raine's previous deadline on Friday, February 17, saw stock hit a high of $26.84 on the penultimate day of bidding.
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Shares are now someway short of that figure, with stock at $21.69 when the New York Stock Exchange closed for the week on Thursday, 6 April, as trading does not take place on Good Friday. Overall, the price is down $1.18 over the last five days.
After starting last Friday around $23, shares fell closer to $22 by the end of the day and dropped further following the weekend. A week-long low of $21.16 was hit late on Tuesday morning before the price fluctuated throughout the next two days, eventually rising to the current $21.69 mark. Markets reopen on Easter Monday at 9:30am ET (2:30pm).
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