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

Manchester United Ltd MANU shares are trading higher in Monday's after-hours session following reports that a bid for the company has been accepted.

What Happened: 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 last week and said they would walk away from talks if a deal could not be reached within a week. 

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. It appears a deal may have finally been reached. 

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MANU Price Action: Manchester United shares were up 12.4% at $22.63 at the time of writing, per Benzinga Pro.

Photo: nmoodley from Pixabay.