Northern Racing Hit By Takeover Valuation

UK racecourse operator Northern Racing has received a takeover offer from an
unnamed bidder which values the company at £70m – a figure well below the firm’s
estimations of its worth.

The exclusive talks revealed that Northern Racing was worth a ‘price of no
more than 200p per share’ – a valuation some £15m below predictions and
prompting the company’s shares to take a tumble.

The Staffordshire-based company owns nine racecourses in the north of the
country including Chepstow and Newcastle.

Media speculation has cited fellow racecourse owner Arena Leisure and the
billionaire property investors David and Simon Reuben as possible bidders for
the firm.

A combination of Arena and Northern would create a racecourse owner worth
more than £300m and responsible for operating 16 racecourses.