- Speedway Motorsports LLC, a promoter and sponsor of motorsports entertainment, has agreed to acquire Dover Motorsports Inc (NYSE: DVD) for $3.61 per share in cash for an approximate total equity value of $131.5 million.
- The offer price represents a 58.3% premium to the closing stock price on November 8, 2021.
- Speedway Motorsports, through a subsidiary, will initiate a tender offer to acquire all outstanding shares of Dover Motorsports.
- The holders of 57.5% of the total aggregate shares of Dover Motorsports, or 92% of the voting power, have agreed to tender their shares and support the agreement.
- Speedway Motorsports' acquisition subsidiary will be merged into Dover Motorsports upon completing the tender offer.
- The transaction is expected to close by the end of the 2021 calendar year.
- Price Action: DVD shares are trading higher by 56.6% at $3.58 in premarket on the last check Tuesday.
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