M&A · Industrials · Services-Amusement & Recreation Services
Speedway Motorsports, LLC to acquire Dover Motorsports Inc
Announced Nov 8, 2021 · Closed Dec 22, 2021
Deal value$132MEV $108M
Premium58.3%To unaffected price
EV / Adj. EBITDA10.3x2.1x EV / Revenue
ConsiderationAll cash$3.61 per share
Transaction
- Acquirer
- Speedway Motorsports, LLC
- Target
- Dover Motorsports Inc
- Buyer type
- Strategic
- Offer price per share
- $3.61
- Enterprise value
- $108M
- Status
- Closed Dec 22, 2021
Deal protections
- Break fee (target pays)
- $5.1M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Raymond James
Sector context · Industrials
- Comparable deals
- 43 in the prior 24 months
- Premium
- 58.3% vs. 37.4% sector median
- EV / Adj. EBITDA
- 10.3x vs. 12.1x sector median
- Break fee
- 3.9% vs. 2.8% sector median
Timeline
- AnnouncedNov 8, 2021
- Tender offerNov 23, 2021
- ClosedDec 22, 2021