OFT clears the way for £167m Arena takeover to complete

THE Office of Fair Trading has cleared the way for the £167m takeover of racecourse operator Arena Leisure to complete.

The OFT said it had decided not to refer the proposed acquisition by Aldersgate Investments to the Competition Commission.

Arena, which operates seven courses around the UK including Wolverhampton, Worcester and Doncaster, said it noted the OFT’s decision and said it anticipated that the company’s shares would be cancelled on the Alternative Investment Market no later than April 2.

The proposal should be sanctioned at a court hearing today and then everything is expected to clear.

The offer submitted by Aldersgate Investments, the investment vehicle of the Reuben Brothers, values Arena at 44.25p per share.

Arena, which earlier this month revealed a pre-tax profit increase of 14.6% to £4.2m for 2011, has said the offer is fair and reasonable and is the best shareholders can expect in the current climate.