Ashley steps up takeover bid

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PA Sport understands the document, confirming details of the 100p-per-share offer announced on May 23, is to be sent out within days.

Under Stock Exchange rules, St James' Holdings Limited, the company set up by Ashley to mount his bid, has 28 days to inform shareholders of the details, and they then have 60 days during which to consider their response.

Ashley snapped up a 41.6% stake in the club when he bought the Hall family's holding for £55million last month, and is intent on completing a £133.1million takeover.

However, chairman Freddy Shepherd controls around 29.8% of the shares and having previously fought off two rival bids, now holds the key to the sportswear magnate's hopes.

Shepherd is currently recovering from a serious illness, but was visited in hospital by Ashley last week after he held "useful and constructive" discussions with the board at St James' Park.

Those talks were set up at the board's request, and they are yet to deliver their recommendation to shareholders.

Ashley's offer is conditional upon acquiring in excess of 50% of the shares, and despite speculation he has already achieved that, PA Sport understands that is not the case.

A significant proportion of the club is owned by small shareholders rather than institutions, and while Shepherd could not prevent SJHL from buying up their stakes, they would need to make more significant inroads to approach levels where his position became untenable.

There have been rumours on Tyneside of a scenario in which the two men could work together, and that the sitting chairman could launch a counter-bid, although Ashley's intentions seem to point to an alternative outcome.