Dover Motorsports, Inc. and Dover Downs Gaming & Entertainment, Inc. Cancel Plans to Merge
October 13 2010 - 4:50PM
Business Wire
Dover Motorsports, Inc. (NYSE: DVD) and Dover Downs Gaming &
Entertainment, Inc. (NYSE: DDE) jointly announced today that the
Boards of Directors of each company have unanimously determined to
terminate their previously announced merger agreement, dated
September 27, 2010.
Henry B. Tippie, Chairman of the Board of Directors of both
companies stated as follows:
"When we approved the merger of our two companies, the Boards of
Directors of both companies agreed that we would only proceed if
the merger was approved by a majority of unaffiliated stockholders.
Since making the announcement of our proposed merger, certain
stockholders of both companies have communicated that they are
opposed to the transaction. While we believe that combining the two
companies would have benefited both organizations, we have agreed
to a mutual termination of our merger agreement.”
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 SEC filings of both Dover
Downs Gaming & Entertainment, Inc. and Dover Motorsports, Inc.
for a discussion of such factors.
Dover Downs Gaming & Entertainment, Inc. is a diversified
gaming and entertainment company whose operations consist of Dover
Downs Casino — a 165,000-square foot casino complex featuring
popular table games, the latest in slot machine offerings,
multi-player electronic table games, the Crown Royal poker room,
and a Race & Sports Book operation; the Dover Downs Hotel and
Conference Center — a 500 room AAA Four Diamond hotel with
conference, banquet, fine dining, spa, retail, ballroom and concert
hall facilities; and Dover Downs Raceway — a harness racing track
with pari-mutuel wagering on live and simulcast horse races. For
further information, log on to www.doverdowns.com.
Dover Motorsports, Inc. is a leading promoter of motorsports
events in the United States. Its motorsports subsidiaries operate
three motorsports tracks in three states and promote NASCAR
sanctioned and other motorsports events. The Company owns and
operates Dover International Speedway in Dover, Delaware; Gateway
International Raceway near St. Louis, Missouri; and Nashville
Superspeedway near Nashville, Tennessee. For further information,
log on to www.dovermotorsports.com.
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