Property tycoons the Reuben brothers raise stake in Arena
Billionaire property investors David and Simon Reuben have raised their stake in Arena Leisure to a level just shy of the 30 per cent that would trigger a takeover bid for the British horsetrack operator.
The operator of seven UK courses, including Doncaster, Royal Windsor and Wolverhampton, said in a regulatory filing yesterday that the Reubens’ vehicle, Reuben Brothers Limited, had upped its holding to 107.6m shares or 29.55 per cent.
The move by the Reubens could reignite speculation they want to combine Arena Leisure with the Northern Racing business they acquired for £90m in 2007.
Northern Racing owns 10 British courses, including Chepstow and Uttoxeter.
However, a spokesman for the Reubens dismissed such a scenario, saying the brothers were long term investors in Arena Leisure and had picked-up the additional stock after being offered it by Bank of Scotland.
“I don’t think it’s true,” the spokesman said when asked if the Reubens planned a bid.
“We’ve been buying their shares from time to time. There was an opportunity to increase our stake, that’s what we did,” he added.