- The stock price of Dover Motorsports, Inc. (NYSE: DVD) increased by over 55% pre-market today. This is why it happened.
The stock price of Dover Motorsports, Inc. (NYSE: DVD) increased by over 55% pre-market today. Investors are responding to Charlotte-based Speedway Motorsports announcing it is planning to buy Dover Motorsports — which is the parent of the Dover International Speedway in a deal reportedly valued at $131.5 million.
Speedway owns 8 NASCAR tracks, including locations in Charlotte, Bristol, and Atlanta. And Dover Motorsports operates the “Monster Mile” along with one in Nashville.
Dover Speedway launched a special committee for reviewing the definitive agreement and Speedway is expecting to close the deal before the end of the year. As part of the deal, Dover Motorsports stockholders would receive $3.61 per share in cash.
Dover Speedway opened in 1969 and it is scheduled to host the NASCAR tripleheader from April 29-May 1, 2022 along with the Firefly Music Festival.
“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.”
— Speedway Motorsports President and CEO Marcus Smith
“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.”
— Dover Motorsports President and CEO Denis McGlynn
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.