13 April 2007 – Financial Times
The Reuben brothers, the property billionaires, appear set to win control of Northern Racing after the racecourse group agreed to a £65.9m takeover.
The 200p a share cash offer represents a premium of 8.7 per cent to the company’s closing price of 184p on December 12, the last day prior to the announcement of a potential bid.
David and Simon Reuben convinced shareholders owning 86.16 per cent of the issued share capital that the cash offer is fair value for the group. These shareholders include the estate of Sir Stanley W. Clarke, the deceased founder of Northern Racing, whose family controls 56 per cent of the company.
The Reuben brothers are thought to want to merge Northern Racing – which owns nine racecourses including Chepstow and Uttoxeter – with another racecourse group, Arena Leisure, in which they hold a 14 per cent stake.