Rangers chairman Dave King will no longer face legal action after a court heard he has made a multi-million pound offer to buy remaining shares in the club.

Judge Lady Wolffe gave permission to the Panel on Takeovers and Mergers to drop their contempt of court action against the businessman on Friday.

The organisation was pursuing Mr King at the Court of Session because it believed he hadn't complied with strict business law.

Legislation dictates that anyone who holds a 30 per cent stake in businesses are compelled to make an offer to other shareholders to buy their stock.

Mr King hadn't made the offer, prompting lawyers for the panel to take him to court.

Last year, the Panel wanted Lady Wolffe to find Mr King in contempt of court for not making the offer.

The action was temporarily stopped after Mr King promised to make the offer, which was estimated to cost £11m.

On Friday, the court heard that Mr King had made the offer, prompting the panel's lawyers to ask Lady Wolffe to stop the action and lift an interdict which had been placed on him as a consequence of not making the offer.

However, Mr King's legal team were told that their client would have to pay the panel's legal bill and and also pay them an additional fee.

The additional fee reflects the extra work carried out by the panel's lawyers to bring the case to court.

Stopping the action, Lady Wolffe said: "I am grateful to parties for their submissions. I shall recall the interdict immediately and the minute for contempt of court will be stopped."