Arena takeover put back for a third time
THE deadline for a possible takeover of racecourse operator Arena Leisure has been extended for a third time.
The company, which operates Worcester, Wolverhampton and Doncaster courses alongside four others across England, is in ongoing discussions with the Reuben brothers.
Arena announced in September it was in discussions with the duo about a takeover. A deadline to confirm whether a bid would be made or not expired on Friday.
However, the Arena board has had a request to extend the deadline accepted by the Takeover Panel. The new deadline is 5pm on December 30.
In a statement, Arena said: “The board remains in detailed offer discussions with the Reuben Brothers who have reviewed information made available by the company. The board of Arena remains focused on resolving these discussions as soon as possible.
“There can be no certainty that an offer will be made for the company nor as to the terms on which any offer may be made.”
Simon and David Reuben, who made their fortune from through their Trans-World Metals production and distribution company, own just under 30% of Arena, with horseracing entrepreneur Trevor Hemmings controlling just over 40%.
