International Speedway Corp. accepts $2 billion NASCAR offer
International Speedway Corp. announced Wednesday it had agreed to a $2 billion merger with NASCAR in a deal that should be completed by the end of the year.
NASCAR had made an original offer of $42 per share for all outstanding shares of ISC stock in November but Wednesday’s agreement included a more than 7 percent increase of $45 per share.
The merger agreement was unanimously recommended and approved by a special committee comprised solely of independent directors of the Board of Directors of ISC and was unanimously approved by the full board.
The participating shareholders have also signed a letter agreement to cause their respective shares of ISC stock to be transferred to NASCAR prior to the effective time of the merger.
The transaction is expected to close in calendar year 2019.
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In addition, the plaintiff in a recently-filed class action lawsuit on behalf of ISC shareholders challenging the original offer has agreed not to challenge the fairness of the new transaction price.
“While important regulatory and shareholder approval processes remain, we look forward to the successful final resolution of this matter and continuing our work to grow this sport and deliver great racing experiences for our fans everywhere,” NASCAR said in a statement.
“With a strong vision for the future, the France family’s commitment to NASCAR and the larger motorsports industry has never been greater.”
The goal of the offers from the onset is to combine ISC and NASCAR as one privately run group of companies run entirely by the France family.
ISC currently owns 13 tracks which collectively hold 19 of the 36 events on the schedule of NASCAR’s premier Monster Energy NASCAR Cup Series.
In April, Speedway Motorsports Inc. announced it had received a non-binding offer from Sonic Financial Corp., a company owned by Bruton Smith and his family, to acquire all outstanding shares of SMI’s common stock.
SMI operates eight tracks that host 13 NASCAR Cup Series events each season.
Should both deals be completed, Dover (Del.) International Speedway would be the only track hosting Cup series events still held by a publicly-owned corporation.
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