Speedway Motorsports will take charge of both Dover International Speedway and Nashville Superspeedway with its acquisition of Dover Motorsports, Inc.
Through a subsidiary, Speedway will initiate a tender offer to acquire all outstanding shares of Dover Motorsports, offering $3.61 per share for an approximate total equity value of $131.5 million.
“We’ve been committed to working for the fans and growing the sport of NASCAR for more than 60 years,” said SMI President Marcus Smith. “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.”
The merger will give SMI 12 tracks on the NASCAR calendar, with NASCAR itself owning 14.
“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,” said Dover Motorsports President and CEO Denis McGlynn.
shares
comments