Benzinga | Oct 6, 2021 06:16AM EDT

Manchester United Selling Shareholders To Offload Stake Via Equity Offering

* Manchester United PLC (NYSE:MANU) reported an offering of 9.5 million shares by selling shareholders Kevin Glazer Irrevocable Exempt Family Trust and Edward S. Glazer Irrevocable Exempt Trust in a secondary equity offering.

* The offering is worth $186.39 million based on Manchester United's October 5 closing price of $19.62.

* Manchester United will not receive any proceeds from the offering that will likely close on October 8.

* The stock has gained 17.2% year-to-date.

* Price Action: MANU shares closed lower by 0.25% at $19.62 on Tuesday.