Deal agreed for racecourse operator

DONCASTER racecourse operator Arena Leisure is to be bought by the Reuben brothers in a deal valuing the company at £167m.

The Arena board has agreed to unanimously recommend the 44.25p per share offer for the market-listed company.

Arena chief executive Mark Elliott said that the deal “represents a fair and reasonable opportunity to realise value for Arena shares that is not currently available in the market.” 

The offer has been made by Aldersgate, a company owned by trusts controlled by billionaires David and Simon Reuben.

Stephane Nahum, of Motcomb Estates Ltd representing Aldersgate, said: “The proposed acquisition of Arena is an endorsement of the view held by Aldersgate that British horseracing and racecourses represent a sound, long-term investment. 

“We believe that the opportunity to share the operating expertise of Arena and our existing racecourse investment under one umbrella management organisation will benefit all customer groups and participants in the sport.”

The Reuben brothers’ investments include Northern Racing which operates ten UK racecourses.