The 21p per share bid is a 48% premium to Tuesday’s closing price.
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% and 30% respectively of the temporary seating specialist.
Tasheel, which already owns a 23.9% holding in the group, is said to have been “instrumental” in growing Arena’s business in Saudi Arabia, which is organising 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.
“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,” said Arena’s chairman Ken Hanna.
Shares soared 43% to 20.28p on Wednesday morning.