Speedway Motorsports (US) has reached an agreement to purchase Dover Motorsports, Inc.
The ‘Racer’ stated that on the night of November 8th, both organizations jointly announced a deal that sees Speedway Motorsports acquire the company that operates the Dover International Speedway and Nashville Superspeedway for $3.61 per share in cash for an approximate total equity value of $131.5 million. Dover hosts the NASCAR Xfinity Series (stock car racing series) and Cup Series while all three national series compete at Nashville Superspeedway. Nashville returned to the schedule this past season.
The Speedway Motorsports, LLC is an American company that owns and manages auto racing facilities that host races sanctioned by the National Association for Stock Car Auto Racing (NASCAR), IndyCar Series, NHRA, World of Outlaws, and other racing series. The company’s headquarters are located at Charlotte Motor Speedway, just North of Charlotte, NC in Concord, NC.
The Dover Motorsports, Inc. is a company that owns two auto racing circuits in the United States. The company is based in Dover, Delaware, United States, the home of its flagship track Dover International Speedway, a 1 mile concrete oval with a seating capacity of 95,500 that opened in 1969.
The ‘Racer’ further stated that under terms of the merger agreement, Speedway Motorsports, through a subsidiary, will initiate a tender offer to acquire all outstanding shares of Dover Motorsports. Speedway Motorsports stated that the offer price represents a 58.3 percent premium to the closing stock price from November 8th. The holders of 57.5 percent of the total aggregate shares of Dover Motorsports, representing 92 percent of the voting power, have agreed to tender their shares subject to the terms of the agreement.
Said Marcus Smith, Speedway Motorsports President and CEO, “We’ve been committed to working for the fans and growing the sport of NASCAR for more than 60 years. This is a tremendous opportunity for us to continue growing our investment in motorsports. I’d like to thank Denis McGlynn and the Dover Motorsports board for their cooperation and support in our goal to exceed customer expectations and create amazing lifetime experiences for all NASCAR fans.”
Dover and Nashville give Speedway Motorsports 10 tracks across the United States. Their other properties are Atlanta, Bristol, Charlotte, Kentucky, Las Vegas, New Hampshire, Sonoma, and Texas.
Said Dover Motorsports President and CEO Dennis McGlynn, “While this marks the end of our 52 years as an independent operator in NASCAR, our future advancement is best secured by joining forces with a major player in the sport, and we are happy to be able to become part of the Speedway Motorsports family and to be able to work with Marcus Smith as NASCAR embraces its future.”
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