News - Midlands
Arena confirms Reuben brother interest
Arena Leisure, which operates Worcester and Wolverhampton racecourses, has revealed that the billionaire Reuben brothers have submitted a proposal to possibly buy the company.
Property barons David and Simon Reuben have been given until 5pm on 18 October 2011 to put in a firm offer for the business, Arena Leisure told the Stock Exchange.
They will need businessman Trevor Hemmings, known for owning Grand National winners Hedgehunter and Ballabriggs, to give up some of his 41.5 per cent of the company.
The move comes after new Takeover Panel rules were unveiled forcing takeover target companies to name their potential acquirers.
Arena Leisure also operates racecourses in Doncaster, Folkestone, Lingfield Park, Royal Windsor and Southwell.