A Faegre Drinker team led by corporate partner and deputy general counsel Joseph Seiler and corporate partner Marc Leaf represented Dover Motorsports, Inc. in its sale to Speedway Motorsports, LLC. Speedway Motorsports agreed to acquire Dover Motorsports for $3.61 per share in cash for an approximate total equity value of $131.5 million. Speedway Motorsports’s tender offer for Dover Motorsports commenced today, Tuesday, November 23, 2021. The transaction is expected to close by the end of the calendar year.
Under the terms of the merger agreement, Speedway Motorsports, through a subsidiary, agreed to initiate a tender offer to acquire all outstanding shares of Dover Motorsports. The closing of the tender offer will be subject to certain conditions.
The deal team included, in addition to Seiler and Leaf, Charlie Congdon, Mona Ghude, Tom Gray, Ira Kalina, Paul Moe, Dan Prokott, Robin Sampson, Chad Lange, Jennifer Lucas and Erin Dooley.
Dover Motorsports, Inc. is a promoter of NASCAR sanctioned and other motorsports events in the United States whose subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway near Nashville, Tennessee. The tracks are the largest concrete-only venues hosting NASCAR events. Both facilities include modern grandstands, suites and camping spaces, and each will host a NASCAR Cup Series race weekend on the 2022 schedule.
Read Dover Motorsports’ press release for more information on the deal.