Dover Motorsports, Inc. and Dover Downs Gaming & Entertainment, Inc. Cancel Merger Plans
Dover Motorsports, Inc. (NYSE: DVD) and Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) jointly announced today that the boards of directors of each company have unanimously determined that they will terminate their previously announced merger agreement, dated September 27, 2010.
Henry B. Tippie, Chairman of the boards of directors of both companies stated as follows:
"When we approved the merger of our two companies, the Boards of Directors of both companies agreed that we would only proceed if the merger was approved by a majority of unaffiliated stockholders. Since making the announcement of our proposed merger, certain stockholders of both companies have communicated that they are opposed to the transaction. While we believe that combining the two companies would have benefited both organizations, we have agreed to a mutual termination of our merger agreement.”
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