Villa start new era with American Lerner

Koen Freriks
5 september 2006, 17:38

American Randy Lerner has assumed full control at Aston Villa and confirmed today he is approaching the 90% of shares required to force all remaining holders to sell their stock.

Lerner's Reform Acquisitions Ltd company have taken their holding to 85.50% in a short space of time, having possessed just 59.69% when the Cleveland Browns owner assumed charge from Doug Ellis last month.

He officially took over at Villa Park on August 25 and announced that the first closing date for his offer to shareholders would be September 4.

Under Stock Exchange rules, Lerner was obliged to provide an update today and he has now extended the offer until September 18.

He required 75% of shares to gain control and once he reaches 90% can compulsorily take his stake to 100%.

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