Speedway Motorsports To Acquire Dover Motorsports For $131M

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.