Arena gives Reuben brothers more time
Arena Leisure, which operates Southwell racecourse, has extended the deadline for billionaire suitors the Reuben brothers to show their hand.
Property barons David and Simon Reuben have been given until 5pm on 18 November 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.
Last month (September), Arena became one of the first companies to comply with new Takeover Panel rules forcing takeover target companies to name their potential acquirers. The initial deadline for the Reuben brothers to make a firm offer or declare they did not intend to do so expired on 18 October.
In its interim results, Arena posted a £3m upturn in revenue for the six months to 30 June as it benefited from higher attendances across its portfolio.
Arena Leisure also operates racecourses in Worcester, Wolverhampton, Folkestone, Lingfield Park and Royal Windsor.
