RFC.L Share News (RFC)

Scottish Championship side Rangers Football Club has rejected an improved takeover bid from US businessman Robert Sarver.At £20m, Sarver's new offer was £2m higher than his initial offer, which the club turned down on 6 January, but the Ibrox outfit rejected the offer claiming they did not believe it would receive the backing of enough of the club's shareholders."The revised proposal by Mr Sarver was similar to his first proposal in the respect that it sought a placing of 100m shares (to be priced at 20p in this proposal) which would require the approval of shareholders (at least a 75% majority) at a general meeting," Rangers said in a statement."The board of Rangers rejected the first proposal from Mr Sarver on 6 January on the basis that the board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming."As part of his offer, Sarver, who has been in charge of NBA franchise Phoenix Suns since 2004, said he was willing to offer the club an emergency £6.5m loan to provide immediate relief to their cash-flow problems.Rangers shares were up 1.96% to 26p at 12:16 on Monday.