Kroenke launches £731m bid for Arsenal

Kroenke currently holds a 29.9 per cent stake in Arsenal Holdings - just below the threshold that requires a mandatory bid for the remaining shares in the company.

However, it has been revealed that Kroenke has secured a formal undertaking with Lady Nina Bracewell-Smith and Daniel Fiszman to acquire their shares and take a 62.89 per cent stake.

Kroenke's KSE vehicle has now agreed the terms of a recommended mandatory cash offer for the remainder of Arsenal Holdings, which values the deal at £731m.

"We especially wish to acknowledge and thank the board, Danny Fiszman and the Fiszman family, as well as Lady Nina Bracewell-Smith and her family, for the confidence they have had in me over the past years," said Kroenke.

Published: 14/04/2011
Source: http://sportsmanagement.co.uk/detail1.cfm?pagetype=detail&subject=news&codeID=253733&site=SM&dom=N