Rigrodsky & Long, P.A. Investigates Dover Motorsports, Inc. Buyout

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Dover Motorsports, Inc. (“Dover Motorsports” or the “Company”) (NYSE:DVD) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Dover Downs Gaming & Entertainment, Inc. (“Dover Downs”) (NYSE:DDE) in an all stock transaction. Click here to learn how to join the action: http://www.rigrodskylong.com/news/DoverMotorsportsInc.-DVD.

Under the proposed agreement, Dover Motorsports shareholders will receive 0.501 shares of common stock of Dover Downs for each share of common stock or class A common stock of Dover Motorsports they own (the “Combination”).

The investigation concerns whether Dover Motorsport’s board of directors failed to adequately shop the Company and obtain the best price possible for Dover Motorsport’s shareholders before entering into the agreement with Dover Downs. Dover Motorsports and Dover Downs are both “controlled corporations” under New York Stock Exchange regulations and they are under common control as they share common directors and executive officers. The Class A shareholders of each company are expected to vote in favor of the transaction and would normally have sufficient voting power to cause the merger to be approved. However, the Board of each company has included an additional vote requirement by which a majority of shares not owned by officers, directors or affiliates of each company must approve the Combination.

If you own the common stock of Dover Motorsports and purchased your shares before September 27, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Dover Motorsports (NYSE:DVD)
Historical Stock Chart
From May 2024 to Jun 2024