Billionaires David and Simon Reuben made a cash offer for Arena Leisure Plc, the Sunday Times reported, without saying where it got the information.
The brothers already own almost 30 percent of the racecourse owner, the newspaper said. The bid is priced between 40 pence and 50 pence a share and would require approval from the U.K. Competition Commission, it reported.
Arena closed unchanged at 31.75 pence on Dec. 9.
Spokesmen for the Reuben brothers and Arena Leisure were not immediately available to comment when contacted by Bloomberg News.