Dover Motorsports, Inc. Announces Final Results of Its Self Tender
September 15 2005 - 4:24PM
PR Newswire (US)
DOVER, Del., Sept. 15 /PRNewswire-FirstCall/ -- Dover Motorsports,
Inc. (NYSE:DVD) announced today the final results of its self
tender. The tender offer expired at 5:00 P.M., New York City time,
on September 8, 2005. Based on the final count by the depositary
for the tender offer, 5,210,668 shares of Common Stock and
2,311,960 shares of Class A Common Stock, have been tendered and
not withdrawn or rejected. All of the 2,311,960 shares of Class A
Common Stock have been accepted for purchase by the Company at
$7.00 per share. As the tender for shares of Common Stock was
oversubscribed, 1,706,543 shares of Common Stock have been accepted
for purchase by the Company at $7.00 per share and a proration
factor of 32.698 percent for shares tendered will be applied. This
means that 32.698 percent of each stockholder's tendered shares of
Common Stock have been accepted for purchase, except that all
shares of Common Stock tendered from holders of less than 100
shares ("odd-lots") will be purchased without proration. The
Company commenced the tender offer on August 10, 2005, when it
offered to purchase up to 1,706,543 shares of its outstanding
Common Stock and 2,323,019 shares of its Class A Common Stock, in
each case at a price of $7.00 per share. Payment for the shares
validly tendered and accepted for purchase under the tender offer,
and return of any shares not accepted, will occur promptly. The
dealer manager for the tender offer is Raymond James &
Associates. Mellon Investor Services LLC is the information agent
as well as the depositary. For further information, please call the
information agent at - 866-293-6625. This release contains or may
contain forward-looking statements based on management's beliefs
and assumptions. Such statements are subject to various risks and
uncertainties that could cause results to vary materially. Please
refer to the Company's SEC filings for a discussion of such
factors. Dover Motorsports, Inc. is a leading promoter of
motorsports events in the United States. Its motorsports
subsidiaries operate four motorsports tracks in three states and
promote motorsports events under the auspices of three of the
premier sanctioning bodies in motorsports - NASCAR, IRL and NHRA.
The Company owns and operates Dover International Speedway in
Dover, Delaware; Nashville Superspeedway near Nashville, Tennessee;
Gateway International Raceway near St. Louis, Missouri; and Memphis
Motorsports Park in Memphis, Tennessee. DATASOURCE: Dover
Motorsports, Inc. CONTACT: Patrick J. Bagley, Senior Vice
President-Finance and Chief Financial Officer, +1-302-857-3745 Web
site: http://www.dovermotorsportsinc.com/
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