On 12 February 2004, the Glazers increased their stake in the club to 16.31% and the following day's Financial Times reported that they had instructed Commerzbank to explore a takeover bid. The club's share price increased by 5% that day, valuing the club at a total of £741 million.[30] The Glazers increased their shareholding to over 19% the following June, although they were still not the largest shareholders.[31] Their shareholding continued to increase, nearing 30% by October 2004.