SHARES in Manchester United climbed to a three-year high yesterday following a renewed bout of takeover speculation.

The latest rise came after reports said US sports tycoon Malcolm Glazer had instructed Commerzbank to examine the possibility of a bid.

A spokesman for the bank declined to comment on the report in the Financial Times, which came a day after Mr Glazer raised his stake in the club to 16.3 per cent.

Shares rose five per cent, or 12p, to 279p, valuing the company at £731m and maintaining its position at levels not seen since October 2000.

David Buik, of financial bookmaker Cantor Index, said: "The market believes that it is entirely possible that Malcolm Glazer has instructed Commerzbank to mount a takeover bid in the fullness of time."

Representatives of Mr Glazer, who owns the Tampa Bay Buccaneers American football franchise, have made informal contact with members of the Manchester United board, it was alleged.

But any takeover offer is likely to need the support of Irish tycoons JP McManus and John Magnier, who have a 29 per cent stake in the club through their Cubic Expression vehicle.

The pair increased their interest this week, but stopped short of the 30 per cent mark that would have triggered a full bid for the club under stock market rules.

Analysts said Mr McManus and Mr Magnier were unlikely to mount a takeover.

"Cubic Expression takes strategic positions and when the time is right, it moves on," Mr Buik said.

The pair have been in dispute with the Manchester United board over details of transfer deals, submitting 99 questions on issues of corporate governance at the club.

Mr Magnier is also in dispute with Manchester United manager Sir Alex Ferguson over the lucrative stud rights for the racehorse Rock of Gibraltar.