Arsenal have had their initial bid for French teenage striker M'baye Niang rejected by his club, Caen, despite rumours to the contrary originating from Sky Sports. Niang, 17, spent last week on trial at Arsenal's training facilities. and seemingly impressed Arsene Wenger enough to make a bid for him. Unlike most transfers, though, we have some actual quotes from Caen's president, Jean-Francois Fortin:
une offre qui n'est pas désobligeante mais qui n'est pas encore tout à fait ce que l'on souhaite
According to Google translate (I never went beyond level 2 in French. My teacher for French 3 was terrible), Fortin said
an offer that is not derogatory but is not yet quite what we want
Niang is rumoured to be valued in the region of £5m, and Arsenal are not the only club apparently interested, as Tottenham, Manchester City and Newcastle are all apparently interested in Niang. Caen were relegated to Ligue 2 at the end of last season and obviously want to get the most money they can for their prized asset, hence Fortin releasing this information. Arsenal don't seem to be far off from Caen's valuation of Niang, and one would expect the club to put in a second bid.
If Manchester City get involved, though, Arsenal might not get Niang. While he has lots of promise, is strong and a good finisher, Arsenal already have Benik Afobe and Joel Campbell at the club, and ahead of him on the depth chart. While Niang would be a nice player to have, he is not a must-buy player, and although it wouldn't be great to see him go to one of the other English clubs interested in him, he's not worth an eight-figure fee, a fee that would become the likely price if Manchester City get involved.
On the other hand, Niang does have top-flight experience, and could have some value in the coming season, and he did impress Arsene Wenger. I'd expect Arsenal to make a second bid, but I doubt that the club will get into a bidding war for him.