Brothers win Arena delay
The property tycoons are understood to have made a takeover bid approach worth £145 million to £175m for the company behind Royal Windsor, Doncaster and Lingfield Park racecourses. Arena said it was still in discussions with the brothers and that following a request made to the panel, the deadline for the brothers to make their intentions clear has been extended from 16 December to 30 December.
The Reubens, who built their initial fortune in the Russian metals market, already own almost 30 per cent of Arena. The largest shareholder in Arena is racing enthusiast and businessman Trevor Hemmings who holds 40 per cent and is understood to believe its current market capitalisation significantly undervalues it. Shares in Arena closed down 1p at 37p.