Speedway Motorsports acquires Dover Motorsports for equity value of $131.5 million

DOVER, DELAWARE - MAY 15: Miles the Monster statue is seen during the NASCAR Xfinity Series...
DOVER, DELAWARE - MAY 15: Miles the Monster statue is seen during the NASCAR Xfinity Series Drydene 200 race at Dover International Speedway on May 15, 2021 in Dover, Delaware. (Photo by James Gilbert/Getty Images)(JAMES GILBERT | Getty Images)
Published: Nov. 8, 2021 at 6:34 PM EST
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CHARLOTTE, N.C. (WBTV) - Speedway Motorsports, LLC made a big purchase Monday by acquiring Dover Motorsports, Inc.

The companies reached a definitive agreement in which Speedway Motorsports, the Concord-based leading marketer, promoter and sponsor of motorsports entertainment, will acquire Dover for $3.61 per share in cash for an approximate total equity value of $131.5 million.

Under the terms of the merger agreement, Speedway Motorsports will initiate a tender offer to acquire all outstanding shares of Dover Motorsports.

All Dover stockholders will receive the same per share consideration in the transaction.

“We’ve been committed to working for the fans and growing the sport of NASCAR for more than 60 years,” said Speedway Motorsports President and CEO Marcus Smith. “This is a tremendous opportunity for us to continue growing our investment in motorsports.”

The agreement marks the end of Dover Motorsports, which is based in Delaware, being an independent operator in NASCAR for the past 52 years.

“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,” Dover President and CEO Denis McGlynn said.

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 canceled 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.

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