Dave King facing court action over £11m Rangers shares bid
Rangers chairman Dave King is facing fresh legal action over his failure to make a mandatory £11m bid for shares in the Ibrox club, according to reports.
It’s understood that representatives of the Takeover Panel were in the Court of Session on Tuesday in a private session in front of Lord Doherty.
The Herald claimed the Panel brought renewed court action after the South Africa-based businessman failed to make a court-ordered offer for the remaining shares in the club not held by him or the directors known as the Three Bears.
The Ibrox chief had been told to make the offer after it was ruled he acted in concert with Douglas Park, George Letham and George Taylor to buy more than 30 per cent of Rangers, triggering an offer for the remaining shareholding.
King failed to meet the deadline set by the courts and the Takeover Panel will now look to have the ruling enforced.