26 Apr 2017
Rangers International Football Club Plc is the holding company of the leading Scottish football club, Glasgow Rangers. On 13 March 2017, the Takeover Appeal Board (the Board) published its decision in Rangers International Football Club Plc & Mr David Cunningham King, dismissing Mr King's appeal and upholding the prior rulings of both the Panel Executive and the Hearings Committee of the Takeover Panel that Mr King had acted in concert with three other shareholders in acquiring an aggregate holding of 34.05% of the shares in Rangers. Mr King was therefore obliged to make a mandatory offer to the remaining Rangers shareholders to purchase their shares pursuant to Rule 9.1 of the City Code on Takeovers and Mergers (the Code). The three other shareholders were Mr George Letham, Mr George Taylor and Mr Douglas Park.