Arena Events Group PLC announced it accepted a takeover offer from a Middle Eastern consortium that will value the company at £71mln.
The ‘proactiveinvestors’ stated that the 21p per share bid is a 48 percent premium to the closing price on October 19th.
The Arena Events Group PLC is a turnkey event solutions provider, supplying temporary physical structures, seating, exhibition services, refrigeration, fencing and barriers, ice rinks, furniture, and interiors for some of the most prestigious events across Europe, Middle East and Asia, and the Americas.
The Theta consortium is made up of International Holding Company (IHC), an Abu Dhabi-based publicly-listed investor, and Saudi Arabian-based holding company Tasheel. They will own 70 percent and 30 percent, respectively, of the temporary seating specialist.
The ‘proactiveinvestors’ further stated that Tasheel, which already owns a 23.9 percent holding in the group, is said to have been “instrumental” in growing Arena’s business in Saudi Arabia, which is organizing an increased number of large-scale cultural and sporting events.
Arena, which was advised by Cenkos Securities, recommended shareholders approve the deal.
If it goes ahead, Chief Executive Greg Lawless will step down from his position.
Explained Arena’s Chairman Ken Hanna, “As a privately-owned group, the new owners will help Arena grow through additional funding which guarantees the future of the business as a leader in the event rental market. In this regard, both IHC and Tasheel are perfect partners for Arena as they provide enormous security and backing for the business going forward.”
Sports world
The ‘Arena Group’ stated that customers of its sports halls and leisure facilities ranging from world stage sporting events such as the ATP World Tennis Tour and the London Olympics, to deliver extra capacity for their paying customers. To the likes of education facilities, councils and sporting establishments requiring new facilities or temporary solutions whilst existing facilities are redeveloped.
Installed within a matter of weeks, its sports halls and leisure facilities are the perfect solution to a short-term need, from a hire-period as little as three months, or as a cost-effective long-term semi-permanent solution, with a lifespan of over 20 years. The I-Novation sports hall was delivered for the short duration of the London Olympics and features annually for the ATP World Tennis Finals.
The ‘Arena Group’ further stated that regardless of the sporting discipline, the I-Novation is the product of choice for sports halls, gyms, swimming pools, tennis courts or a squash facility.
The I-Novation is a lightweight temporary building that is fast, durable, environmentally-friendly due to its translucent natural lighting reducing energy costs and is easily demountable and relocatable if required. Complete with lighting, specialist flooring, welfare facilities, and more, the I-Novation can be customized to suit one’s requirements.
To know about the whole offer, click here.
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