By Sam Boughedda
Investing.com — Dover Motorsports Inc (NYSE:DOV) shares raced up 54% on Tuesday after Speedway Motorsports said it will acquire the company in a deal worth $131.5 million.
Auto racing facilities owner Speedway Motorsports will pay $3.61 per share in cash. The price represents a 58.3% premium to Dover's closing price on Monday.
“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.
Speedway Motorsports President and CEO Marcus Smith said: “This is a tremendous opportunity for us to continue growing our investment in motorsports."