BSkyB Man United bid gathers support

THE measure of support for BSkyB's audacious GBP 623 million bid for Manchester United became clearer today as the group revealed the number of shares lined up in favour of the offer.

As of yesterday afternoon, combining shareholders who have agreed to vote the deal through with shares it has purchased, BSkyB had valid acceptances for 44.6% of United shares.

Of this, 33.5% is just in the form of acceptances including the 16.7% owned by the club's board where chairman Martin Edwards owns 14%. Since the offer's launch last month, BSkyB has also snapped up 11.2% of the shares in the market. Today they were steady at 219 1/2p. BSkyB said the offer had been extended until 3 November, the day after the Office of Fair Trading must submit its recommendation to Trade and Industry Secretary Peter Mandelson on whether to refer the bid to the Monopolies and Mergers Commission. A groundswell of opinion is calling for the bid to be referred, with Sports Minister Tony Banks adding his voice to the chorus of dissent. European competition chief Karel Van Miert has also said there could be a problem with the deal, and that he had received requests from United fans asking him to step in to the fray.

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