Shareholders in hotel and casino operator Dover Downs have voted almost overwhelmingly in favor of a merger with casino and racetrack firm Twin River Worldwide Holdings that would see the former become a wholly owned subsidiary of the latter.
A statement issued this week confirming the move read: “Dover Downs Gaming & Entertainment, Inc (NYSE: DDE) 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 at today’s special meeting and that the parties expect to close the transaction on March 28, 2019.”
The ballot was unequivocal, with more than 99% of the votes cast cast in favor of the merger. A “majority of the minority” of stockholders also approved the proposal.
Upon completion of the deal, 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 (“NYSE”), and Twin River’s common stock will be listed on the NYSE under the symbol “TRWH” and begin trading on March 29, 2019.