Why Manchester United Stock Is Rallying Today

Manchester United Ltd MANU shares are rising Tuesday following reports that Qatari investors have succeeded in their bid to acquire the company.

What To Know: According to a tweet from @centredevils, citing Al-Watan, a media organization owned by the father of Sheikh Jassim, a bid by Qatari investors has been accepted. 

The news comes after Qatari investors reportedly submitted a fifth and final takeover offer of more than $6 billion last week and said they would walk away from talks if a deal could not be reached within a week. 

Chairman of political consultancy Aramsite Group Zaid Al-Hamdan also sent his congratulations to Sheikh Jassim shortly after the reports surfaced.

"Congratulations to Shaikh Jassim Bin Hamad Bin Jassim on his acquisition of @ManUtd," he said via tweet.

See Also: Lionel Messi Impact: Inter Miami Dominating Social Media, Jersey Sales, Tickets And More

In November, Manchester United's board commenced a process to explore strategic alternatives for the club designed to enhance future growth. 

"We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future," Avram Glazer and Joel Glazer, executive co-chairmen and directors of Manchester United, said at the time.

The Glazer family has been reviewing offers from potential buyers for the last seven months. Reports appear to indicate that a deal may have finally been reached, although there has not been an official announcement.

Related Link: Manchester United, Oracle And 3 Stocks To Watch Heading Into Tuesday

MANU Price Action: Manchester United shares were up 15.8% at $23.32 at the time of writing, per Benzinga Pro.

Photo: Jakub Mularski from Pixabay.