Dover Downs Gaming & Entertainment, Inc. and Twin River Worldwide Holdings, Inc. have announced that Dover Downs received the required vote of Dover Downs stockholders to approve the proposed merger of Dover Downs and Twin River.
The vote took place at a special meeting on Tuesday, March 26. The parties expect to close the transaction on March 28, 2019. Over 99 per cent of the votes cast were cast in favour of the merger. A ‘majority of the minority’ of stockholders also approved the merger.
Upon completion of the merger, Dover Downs will become a wholly-owned subsidiary of Twin River, and all outstanding shares of Dover Downs common stock and class A common stock will be converted into the right to receive shares of Twin River common stock (with cash in lieu of fractional shares).
In addition, Dover Downs common stock will cease trading on, and be delisted from, the New York Stock Exchange, and Twin River's common stock will be listed on the NYSE and begin trading on March 29, 2019.
(With files from Dover Downs Gaming & Entertainment, Inc. and Twin River Worldwide Holdings, Inc.)