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Dave King has made an offer to buy out shares in Rangers, not already owned by him and his consortium.

The Takeover Panel ruled that as the consortium owned more that 30 per cent of shares in the Ibrox club when they took over in 2015, the chairman was legally required to make an offer to buy out the rest of the shares.

Following a number of court hearings, King finally agreed in December that he would make an offer and gave January 25 as the deadline.

(Image: SNS Group)

Rangers today posted details of the offer on their website

It has not come from King personally but from Laird Investments, a company owned by the King Family Trust

Some shareholders, holding more than £11m in shares, have already said they do not intend to accept the offer.

The rest of the shares, some of which are small holdings in the hands of fans, amount to just under £8m.

The valuation is based on King's offer to buy the shares for 20p each.

Shareholders have until February 15 to accept or reject the offer.