Manchester United (NYSE:MANU) stock is rising on Tuesday as word spreads that Sheikh Jassim bin Hamad al-Thani may take over the company.
According to recent reports from Qatari media, Sheikh Jassim is preparing to announce his takeover of the Manchester United Premier League soccer club. This comes as Manchester United has been in negotiations with a buyer for seven months.
Sheikh Jassim is the son of the former prime minister of Qatar. Papers from the country are reporting that his bid for Manchester United was successful and that he beat out competitor Jim Ratcliffe to acquire the soccer club.
Manchester United is refusing to comment on the takeover rumors. However, various reports claim that there will be an announcement of the news in the near future. Until then, investors will want to keep an eye on MANU stock.
What This Means for MANU Stock
With the reports of this acquisition, shares of MANU stock are seeing incredibly heavy trading activity on Tuesday. As of this writing, more than 3.7 million shares of the company’s stock have changed hands. For the record, that’s well above the company’s daily average trading volume of about 1.8 million shares.
MANU stock is up 11.2% as of Tuesday morning but is still down 2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
