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

Manchester United Ltd MANU shares are trading higher Monday following a report suggesting Sheikh Jassim bin Hamad Al Thani is set to acquire the club, beating out a competing offer from Sir Jim Ratcliffe.

What To Know: Manchester United's board commenced a process to explore strategic alternatives for the club designed to enhance future growth last November. The company's owners have been reviewing offers from multiple potential buyers for over eight months now.

There have been several conflicting reports along the way about negotiation developments. Just last week, reports suggested the long drawn-out bidding process had been effectively paused for at least one of the bidders. 

In June, Qatar's 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. New reports suggest there could be an end in sight.

According to a report from The Sun, Manchester United is now convinced a deal will get done.

"Discussions are understood to have taken a big leap forward in recent weeks, with a £6 billion sale now close," the report states. 

The report indicates that Sheikh Jassim's team is preparing to submit a final formal offer and a deal is expected to be done by November.

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MANU Price Action: Manchester United shares were up 11.7% at $22.87 at the time of writing, according to Benzinga Pro.

Photo: Jakub Mularski from Pixabay.