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Kroenke 646 shares away from Arsenal takeover bid

Stan Kroenke is just 646 shares away from triggering a takeover offer for Arsenal.

The Times says the Gunners announced yesterday that Kroenke had increased his holding to 28.86 per cent, just short of the 29.9 per cent threshold at which he would be required to make a formal offer for the club under Stock Exchange rules. His second purchase in as many weeks committed his spending on shares to nearly £100 million in just over a year.

Kroenke spent £765,000 on 90 shares purchased privately, probably because only smaller quantities are available in the market. He paid a shade above the market price of £8,450, which has risen by £1,000 since the start of the month.

Some analysts believe that he will raise his stake further in the next week but will stop short of launching a full takeover, which would cost him about £460 million. That figure is slightly bigger because Kroenke would need to offer shareholders the highest price he has paid in the preceding year. At present, that is £10,500, the amount he paid to Richard Carr in May.

 Click here for more Arsenal news and Wenger comment



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