Arena confirms Reuben brothers takeover interest
RACECOURSE owner and operator Arena Leisure has confirmed it is in talks with one of its biggest shareholders about a possible takeover.
The plc, which operates Wolverhampton and Worcester racecourses in a stable of seven sites, said it had received a proposal from the Reuben brothers in relation to a possible offer for the company.
Simon and David Reuben made their fortune through their Trans-World Metals production and distribution company and currently own just under 30% of Arena while entrepreneur and racehorse owner Trevor Hemmings controls just over 40%.
Arena, whose H1 2011 revenues fell slightly year-on-year to £28.2m, said the announcement was not “a firm intention to make an offer” and there was no certainty that an offer would be made.
It said the Reuben brothers must make a firm announcement on their intentions by 5pm on October 18.
This deadline would only be extended with the consent of the Takeover Panel but Arena said it intended to approach it with a request to extend.
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