Yeung lodges Blues takeover bid

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Hong Kong businessman Carson Yeung has formally lodged his takeover bid for Birmingham after sending out official offer documents to shareholders.

Yeung, who launched a failed bid to buy Blues in 2007, is offering £1 a share and hopes to have a deal completed by the end of October.

He already owns 29.9% of the club and, with the co-owners David Sullivan and the Gold brothers, David and Ralph, having indicated they will sell their 50% stake, Yeung is already well on the way to taking complete control.

If he reaches a 90% stake that will then trigger the compulsory purchase of the remaining shares, but even without that Yeung would still own the club, although he is keen to secure the full 100%.

The first closing date of the offer is October 6, after which time Grandtop International Holdings - Yeung's company - will assess their level of ownership.

Yeung has already secured a £57million bridging loan to enable him to finance the deal.

He is now seeking permission from backers to issue 50% more shares in Grandtop at an extraordinary general meeting scheduled for next month but the acquisition of Birmingham is not dependent on that being successful.

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