Manchester United's (NYSE: MANU ) shares fell as much as 8.5% on Monday. The drop comes amidst rumors surrounding the impending expiration of billionaire Jim Ratcliffe's tender offer, set to conclude shortly after 11:59 p.m. Eastern Time on Feb. 13. The uncertainty surrounding whether the tender offer will be extended has led to market uncertainty. Moreover, the football club has remained quiet on the status of regulatory approvals.