Rangers chairman Dave King is set to be taken to court after failing to make a mandatory offer for the rest of the club’s shares.
This comes after the Takeover Appeal Board ruled in March that King had been working ‘in concert’ with the so-called Three Bears group of investors when he bought shares in the Ibrox club.
It would have meant paying around £11m for the remaining shares in Rangers International Football Club plc.
In response to King’s refusal, the Takeover Panel has taken action at the Court of Session.
A statement from the Takeover Panel read: “On March 13, 2017, the Takeover Appeal Board published its decision upholding rulings of the Takeover Panel Executive and of the Hearings Committee of the Takeover Panel that Mr David Cunningham King acted in concert with Messrs George Letham, George Taylor and Douglas Park to acquire more than 30 per cent of the voting rights in Rangers and in consequence had incurred an obligation under the Takeover Code to make a mandatory offer at a price of 20 pence per Rangers share for all of the Rangers shares not already held by Mr King and members of his concert party.
“The Takeover Appeal Board directed that Mr King should announce an offer pursuant to Rule 9 of the Takeover Code by April 12, 2017.
“No such offer having been announced, the Takeover Panel has today initiated proceedings in the Court of Session, Edinburgh under section 955 of the Companies Act 2006 seeking an order requiring Mr King to comply with these rulings.”