Dave King: Rangers chairman makes share offer

Rangers chairman Dave King
Rangers chairman Dave King was compelled to make the offer by the Takeover Panel

Chairman Dave King has made a mandatory offer for all shares in Rangers other than those already held by him and three other main shareholders.

King was obliged to make the 20p per share offer by the Takeover Panel, which ruled he, George Letham, George Taylor and Douglas Park had acted "in concert" to acquire more than 30% of the Ibrox club's shares.

After a protracted legal battle, the proposal has been submitted through an investment company owned by the King family trust.

Documents relating to the offer say he has been given an "irrevocable undertaking" by several shareholders - with a combined holding of more than 38% - who will not accept the terms.

An accompanying letter from Rangers' independent directors recommends "shareholders whose prime motivation for their investment is financial, whose appetite for risk is limited and for whom liquidity is vital" accept the offer.

It further outlines pros and cons to selling, but underlines that "those of the independent directors who hold shares in RIFC will reject the offer".

The terms set out by the Takeover Panel required funds of around £11m to be held in a UK account.

The offer is open until 13:00 GMT on Friday, 15 February.

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