Manchester United Stock Is Diving: What's Going On?

Manchester United Ltd MANU shares are falling Tuesday afternoon following reports that the sale process has been "paused" for at least one of the two main bidders. 

What Happened: According to a tweet from @centredevils, the long drawn-out bidding process for Manchester United has been effectively paused.

"The #mufc takeover process has been effectively “paused” as far as at least one of the two main bidders are concerned," the tweet states. 

Manchester United shares turned sharply lower around the time the tweet surfaced. The two main bidders were Qatar's Sheikh Jassim and British billionaire Jim Ratcliffe. It's likely that the tweet is talking about the former. 

In June, Sheikh Jassim reportedly submitted a fifth and final takeover offer of more than $6 billion and said he would walk away from talks if a deal could not be reached.

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

"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 multiple potential buyers for over eight months now. 

See Also: Manchester United Teams Up With Estée Lauder For Skincare Campaign

MANU Price Action: Manchester United shares were down 8.3% at $20.32 at the time of writing, according to Benzinga Pro.

Photo: nmoodley from Pixabay.