Racecourse operator Northern Racing has agreed to a takeover by UK property billionaires the Reuben Brothers. NR Acquisitions, a newly-incorporated subsidiary of Aldersgate Investments Limited, was set up especially for the deal. Bahamas-based Aldersgate, owned by David and Simon Reuben, operates as a holding company for property related investments and has an existing portfolio of investments in the UK, Jersey and Monaco.The offer of 200 pence in cash for each Northern Racing share represents a premium of approximately 8.7 per cent to theclosing mid-market price of 184 pence per Northern Racing Share on 12 December 2006, the last business day prior to the commencement of the offer period.Commenting on the Offer, Stephane Nahum, Director of NRAcquisitions, said "We are delighted to be able to announce this recommended offer for Northern Racing and we are particularly pleased that such a large percentage of the shareholders have already agreed to accept the Offer. “We believe that Northern Racing will be an excellent addition to our existing portfolio of investments and we look forward to using our considerable experience in the leisure and property sector to work with the existing management to help develop the business going forward."Graham Stow, Chairman of Northern Racing, said: "I am pleased to announce our recommendation of NR Acquisitions' offer today.This is an attractive offer for both the shareholders and the Company. With the support of the Reuben brothers, I believe that the business will continue to prosper and play a leading role in this market place."