Magnier’s investment company, Cubic Expression, is said to have informed the Takeover Panel that the deal to sell all or part of its 28.89 per cent stake has been shelved unless Glazer comes up with a new offer, reports the Daily Telegraph.
The Irish investors behind Cubic Expression, Magnier and JP McManus, are expected to make a statement about the development today, and the Telegraph reports there are likely to be further disclosures by Glazer and the United board.
Yesterday saw the Premier League club’s share price, which had risen as high as 278p last Friday, plummet to 253p before recovering to 264p.
Glazer was thought to be trying to finance an £800million takeover by borrowing money against the value of the club.
United was valued at around £660million last night.
