Yeung launches Birmingham takeover bid

Hong Kong businessman Carson Yeung on Tuesday formally lodged a takeover bid for Birmingham by sending out official offer documents to other shareholders.

Yeung, whose failed bid to buy the club in 2007 triggered the departure of highly-rated manager Steve Bruce mid-way through a season that ended in relegation, hopes to have his one-pound-a-share deal completed by the end of next month.

He already owns 29.9 percent of the club and co-owners David Sullivan and the Gold brothers, David and Ralph, having indicated they will sell their 50 percent stake.

If he reaches a 90 percent stake that will then trigger the compulsory purchase of the remaining shares, which is Yeung’s declared objective.

Shareholders have until October 6 to accept the offer, which is being funded by a 57-million-pound bridging loan pending the completion of a planned share issue at Yeung’s Hong Kong-listed Grandtop International.