Birmingham Confirm Yeung Takeover Bid
Premier League club Birmingham City have confirmed a takeover approach from a company headed by Hong Kong businessman Carson Yeung.
Grandtop International Holdings bought an initial 29.9% stake in June 2007 but failed to complete a buyout.
‘As shareholders will be aware, previous approaches did not proceed,’ said Birmingham in a statement.
‘The issue of the funding of any possible offer will be a major factor in determining how the company responds to the approach.
‘The board of Birmingham note the recent press speculation and confirm they have received an approach from Grandtop International Holdings Limited (‘Grandtop’) – which may or may not lead to an offer for the entire issued share capital of the Company.
‘Grandtop is currently a 29.9% shareholder, having acquired this holding in 2007. A further announcement updating shareholders will be made when appropriate.’
Yeung was heavily criticised by the Birmingham board for not completely buying out chairman David Gold and co-owner David Sullivan, who terminated discussions with Grandtop in December 2007.
Having been relegated from the top-flight two years ago, Birmingham have returned to the Premier League following automatic promotion from the Championship in May 2009.
