Dover Motorsports investor Cibelli asks trust to rethink its offer

By Lisa Kerner

Charlotte, N.C., Nov. 23 - Dover Motorsports Inc. investor Mario Cibelli urged RMT Trust to reconsider Cibelli's offer to buy 8 million shares of the company's common stock from the trust for $2.35 per share.

As previously reported, RMT rejected the offer, explaining to Cibelli that class A common stock can only be held by founding stockholders and their family under the company's bylaws and only the common stock is listed on the New York Stock Exchange.

In a letter to trustee Henry B. Tippie on Friday, Cibelli said Dover's bylaws provide for sales or transfers, either with a 75% vote of shareholders or "through other processes."

The letter was included in a schedule 13D/A filed on Monday with the Securities and Exchange Commission.

Cibelli beneficially owns 2,935,005 shares, or 16.22%, of the Dover, Del., motorsports marketing company.

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