Whyte completes Rangers takeover
Craig Whyte has completed his takeover of Rangers, it is understood.
It is believed the Scottish tycoon's deal was ratified by the takeover panel on Friday evening. The buy-out sees Whyte acquire 85.3% of shares in the club and replace Sir David Murray as majority shareholder.
In a statement released to the stock exchange it was confirmed that Wavetower, a company owned by Whyte, had completed the purchase of MIH's shares. It read: "Wavetower is pleased to announce that it has today acquired 92,842,388 ordinary shares, representing approximately 85.3% of the issued share capital in The Rangers Football Club PLC (the "Club"), for a consideration of GBP1."
It added: "Wavetower acquired its interest in the Club (the "Acquisition") from Murray MHL Limited.
"The Acquisition would ordinarily have required Wavetower to make a general offer in cash under Rule 9 of the Takeover Code to all other shareholders in the Club but, as the consideration paid by Wavetower for the shares acquired is GBP1, the Takeover Panel has granted Wavetower a dispensation from making such an offer.
"Wavetower intends to post a circular to the Club's shareholders by May 16, 2011 containing background information on Wavetower and other relevant information. Wavetower intends to maintain the club's listing on PLUS Markets for a minimum of 12 months from the date of this announcement.
"Wavetower is 100% owned by Liberty Capital, a company which is ultimately owned by Craig Whyte. Craig is a lifelong Rangers supporter and is very much looking forward to guiding and assisting Rangers in its development over the coming years."
Whyte first announced plans for a takeover and revealed he was in talks with Murray International Holdings back in November and months of protracted negotiations followed.
But the deal moved a step closer to completion when Whyte arrived in Edinburgh on Thursday for what proved to be a positive day of talks with Murray and members of the Rangers board. The "technical issues" which had delayed the completion of the bid have now been ironed out and approval granted by the independent Takeover Panel.
