DIC OUT OF LIVERPOOL DEAL
The Dubai International Capital investment group have pulled out of a proposed takeover of Liverpool.
The group, owned by the Dubai government, had been examining the club's books with a view to a £156million buy-out.
And their decision to withdraw follows the failure of the Liverpool board to accept the offer last night, following a rival bid by American billionaire George Gillett.
A statement read: "Dubai International Capital LLC today announces that it has decided to end negotiations with Liverpool FC & Athletic Grounds plc about a possible investment in the club.
"Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board.
"The offer had been accepted in principle by majority shareholder David Moores. It appears that the Liverpool board and the majority shareholder David Moores were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders."
The news prolongs Liverpool's long search for the outside investment they believe they need to compete at the top end of the Premiership and in Europe.
DIC had been their most likely suitor and entered into discussions with the club late last year.
The deal would have valued the club at £450million but the Dubai group have decided to withdraw following the board's decision to allow more time to consider the Gillett bid.
Gillett, owner of the Montreal Canadiens ice hockey team, has proposed a deal which is thought to offer shareholders more for their holdings.
Sameer Al Ansari, executive chairman and chief executive officer of DIC, said: "We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal.
"At the same time, we are supporters of the game and of the club. Liverpool's investment requirements have been well publicised and, after a huge amount of work, we proposed a deal that would provide the club with the funds it needs, both on and off the pitch.
"We were also prepared to offer shareholders a significant premium on the market price of the shares. However, we will not overpay for assets."
The group, owned by the Dubai government, had been examining the club's books with a view to a £156million buy-out.
And their decision to withdraw follows the failure of the Liverpool board to accept the offer last night, following a rival bid by American billionaire George Gillett.
A statement read: "Dubai International Capital LLC today announces that it has decided to end negotiations with Liverpool FC & Athletic Grounds plc about a possible investment in the club.
"Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board.
"The offer had been accepted in principle by majority shareholder David Moores. It appears that the Liverpool board and the majority shareholder David Moores were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders."
The news prolongs Liverpool's long search for the outside investment they believe they need to compete at the top end of the Premiership and in Europe.
DIC had been their most likely suitor and entered into discussions with the club late last year.
The deal would have valued the club at £450million but the Dubai group have decided to withdraw following the board's decision to allow more time to consider the Gillett bid.
Gillett, owner of the Montreal Canadiens ice hockey team, has proposed a deal which is thought to offer shareholders more for their holdings.
Sameer Al Ansari, executive chairman and chief executive officer of DIC, said: "We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal.
"At the same time, we are supporters of the game and of the club. Liverpool's investment requirements have been well publicised and, after a huge amount of work, we proposed a deal that would provide the club with the funds it needs, both on and off the pitch.
"We were also prepared to offer shareholders a significant premium on the market price of the shares. However, we will not overpay for assets."
cheers.
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