Nascar offered to acquire
in a deal that values the owner of Daytona International Speedway of $ 1.85 billion and would combine the companies into a privately owned group owned by Nascar’s controlling family. 19659008] International Speedway said Friday that it has formed a special committee of independent board members to consider the deal and that no decisions have been made in response to the proposal. Nascar and ISC will continue to function as separate and independent entities in time.
Nascar is part of the France family, which also controlled about 74.2% of the votes in the outstanding stock in International Speedway as of 31 August. according to International Speedway’s last quarterly application with the Securities and Exchange Commission.
Jim France, CEO of Nascar, said that a unified strategic approach is important for future growth. “We believe industry requires structural changes to best position sport for long-term success, and this offer represents a positive step forward in that direction,” French Frank said in a press release.
Nascar offered to purchase International Speedway outstanding stock for $ 42 per share, approximately 7.5% premium to the company’s closing price Friday. International Speedway has approximately 44.1 million outstanding shares, according to FactSet.
According to International Speedway, the proposal requires Nascar and International Speedway to join a privately owned group with the family of France, Nascar’s founding family, as its primary owner. Nascar was founded by Bill France in 1948, and his family members still own and drive it.
Nascar’s offer is subject to approval by the holders of a majority of International Speedway’s outstanding common stock, with the exception of the common stock held by France’s family.