Speedway Motorsports LLC and Dover Motorsports LLC jointly announced that an agreement has been reached to where Speedway Motorsports will purchase Dover Motorsports.
The announcement was made on Nov. 8 by Speedway Motorsports President and CEO Bruton Smith, along with Dover Motorsports President and CEO Denis McGlynn.
Dover Motorsports operates Dover International Speedway in Dover, Del. and Nashville Superspeedway in Lebanon, Tenn., which hosted its first Cup race in July in place of one of the Dover dates.
The announcement states that Speedway Motorsports acquired Dover Motorsports at $3.61 per share in cash for a total equity value of $131.5 million.
Through a subsidiary, Speedway Motorsports will acquire all outstanding shares of Dover Motorsports. Speedway Motorsports stated that the offer price represents a 58.3% premium to the closing stock price. Stockholders of Dover Motorsports will receive the same per share consideration. A total of 57.5% of holders, who also represent 92% of voting power, have agreed to tender their shares according the tender and support agreement terms.
“We’ve been committed to working for the fans and growing the sport of NASCAR for more than 60 years,” Smith said in the release. “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 dropped its second Cup date to return Nashville to the schedule in 2021, hosting the NASCAR Xfinity Series and NASCAR Cup Series on May 15-16. In 2022, the 1-mile concrete track will host both series on April 30-May 1.
“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,” McGlynn said in the statement.
Nashville Superspeedway is set to host all three series for the second consecutive season from June 24-26, 2022.
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