Speedway Motorsports has agreed to acquire Dover Motorsports (NYSE:DVD) for $3.61 per share in cash for an approximate total equity value of $131.5M.
The offer price represents a 58.3% premium to the closing stock price on November 8, 2021.
All Dover Motorsports stockholders will receive the same per share consideration in the transaction and the holders of approximately 57.5% of the total shares or 92% of the voting power, have agreed to tender their shares.
Upon the successful completion of the tender offer, Speedway Motorsports’ acquisition subsidiary will be merged into Dover Motorsports, and any remaining shares of Dover Motorsports stock will be cancelled and converted into the right to receive the price per share payable in the tender offer.
The transaction is expected to close by the end of this calendar year.