Reubens poised for Arena takeover bid

billionaire property tycoons the Reuben brothers are understood to have made a takeover bid approach worth £145 million to £175m for Arena Leisure, the operator of Royal Windsor and Lingfield Park racecourses.

It is thought publicly‑quoted Arena may put out a statement confirming the approach as early as this morning. At Friday’s closing share price of 31.75p, the company’s stock market valuation is £114.5m. The Reubens, who built their initial fortune in the Russian metals market, already own almost 30 per cent of Arena.