Northern Racing has accepted a £65.9m takeover offer from billionaire property tycoons David and Simon Reuben.

The 200p per share offer for the company – which owns nine racecourses including Uttoxeter, Bath and Chepstow – came in far lower than market expectations, which saw shares peak at 240p earlier this month.

Some analysts predicted that Northern Racing could go for as much as 285p per share, when the Reubens’ first offer was tabled at the end of last year.

Although the agreed price is higher than the Reubens’ 184p bid made in December, St Modwen Properties, along with other principal shareholders, agreed to sell for just 185p per share.

Northern’s other racecourses are Newcastle, Brighton, Great Yarmouth, Hereford, Fontwell Park and Sedgefield.