Predator and prey

摘要

In June 2005 Malcolm Glazer, a US businessman, finally took Manchester United private.lt was only in May 2005 that he and his family gained control of the business, having made no fewer than three attempts to buy the company. His very full price of £790m, or 300p per share, had eventually been sufficient to knock aside resistance by the majority of other shareholders, although many Manchester United fans vowed to boycott and disrupt the club's activities. The bid was notable for the way in which the various stakeholders interplayed with one another, and also how Glazer stalked the company, gathering sufficient financial firepower to achieve a knock-out blow. After many inches of newspaper columns devoted to the controversial battle, we can now examine the history and context of the bid. This article will then examine the dynamics of the bid battle and consider the prognosis for the future of Manchester United. It will also take a brief look at some of the key principles of corporate finance - and especially at 'EVA'(or economic value added), and at some lessons for corporate financial strategy.