Speedway Motorsports announced Monday night that it would acquire Dover Motorsports, which operates Dover International Speedway and Nashville Superspeedway.
Speedway Motorsports stated that it had agreed to acquire Dover Motorsports for $3.61 per share in cash for an approximate total equity value of $131.5 million,
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% premium to the closing stock price from Monday. The holders of 57.5% of the total aggregate shares of Dover Motorsports, representing 92% of the voting power, have agreed to tender their shares subject to the terms of the agreement.
“We’ve been committed to working for the fans and growing the sport of NASCAR for more than 60 years,” said Marcus Smith, Speedway Motorsports President and CEO, in a statement. “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.”
Said McGlynn, President and CEO of Dover Motorsports, said in a statement: “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.”
Nashville Superspeedway hosted its first Cup race in June. The Xfinity and Camping World Truck Series also raced there that weekend. That was the first year in a four-year sanctioning agreement with NASCAR.
Next season, Nashville Superspeedway is scheduled to host the Cup Series June 26 on NBC. The track’s Xfinity Series races is June 25 on USA Network. The track’s Camping World Truck Series race is June 24.
Dover International Speedway is scheduled to host the Cup Series May 1. The Xfinity Series will race at Dover on April 30.