Post by Len on Jan 31, 2007 12:26:25 GMT -5
Dubai International Capital have pulled the plug on their proposed takeover of Liverpool.
The decision comes after Liverpool's board failed to accept the Dubai group's bid on Tuesday evening.
Owner and chairman David Moores and board members met in London to discuss DIC's bid and also an improved offer from American George Gillett.
Gillett had an initial offer rejected in December but upped his bid just as it looked as DIC were set to complete a takeover.
DIC hoped to make a formal bid via the stock exchange next week after completing due diligence.
However, The Reds' inability to rubber stamp the deal disappointed DIC officials who have now pulled out of the deal.
"Dubai International Capital LLC today announces that it has decided to end negotiations with Liverpool FC & Athletic Grounds plc about a possible investment in the club," a statement read.
"Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board.
"The offer had been accepted in principle by majority shareholder David Moores. It appears that the Liverpool board and the majority shareholder David Moores were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders."
The decision comes after Liverpool's board failed to accept the Dubai group's bid on Tuesday evening.
Owner and chairman David Moores and board members met in London to discuss DIC's bid and also an improved offer from American George Gillett.
Gillett had an initial offer rejected in December but upped his bid just as it looked as DIC were set to complete a takeover.
DIC hoped to make a formal bid via the stock exchange next week after completing due diligence.
However, The Reds' inability to rubber stamp the deal disappointed DIC officials who have now pulled out of the deal.
"Dubai International Capital LLC today announces that it has decided to end negotiations with Liverpool FC & Athletic Grounds plc about a possible investment in the club," a statement read.
"Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board.
"The offer had been accepted in principle by majority shareholder David Moores. It appears that the Liverpool board and the majority shareholder David Moores were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders."
