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Dover Motorsports and Dover Downs Gaming & Racing called off the merger that would have reunited the race promoter with the gaming and entertainment company. The deal, which contained no breakup fee, had faced long odds after significant shareholders objected to the transaction.
Despite the decision to walk, Henry Tipple, who serves as the board of both companies, reiterated his belief that the combination would have benefited both organizations. Tipple, however, was unable to convince shareholders, as a majority of the unaffiliated stockholders, voted against the deal.
Hedge fund Marathon Partners was among those voicing opposition. The firm, a more than 18% stockholder in the company, wrote a letter to the Dover Motorsports Board, calling for the...