AVONDALE, Ariz. – The France family seeks to merge its sanction body, NASCAR and its tracking company International Speedway Corporation into a private company as it would work.
The France family has announced through its ownership of NASCAR that it has left a non-binding cash offer to acquire all outstanding shares in Series A shares and Series B of ISC at $ 42 per share. The stock price is at $ 39.06.
As of 31
August, the family group France controlled approximately 74.2 percent of the total voting rights of the outstanding ISC share. The total value of the ISC share, including those owned by the France family, amounted to SEK 1,722 billion from Friday.
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ISC driver 12 racing tracks where the NASCAR Cup Series turns out. NASCAR penalty race and also owns some racecourses including Iowa Speedway and through its ownership of IMSA, Road Atlanta and Sebring sports events.
“In a highly competitive sports and entertainment landscape, a more consistent strategic strategy is important for our future growth,” said NASCAR president Jim France, who also manages the board of ISC.
“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.”
The news releases from NASCAR and ISC indicated that there is no interest in ISC maintains some other offers, as the France family is not interested in selling their shares in ISC at this time.
NASCAR and ISC will act as separate independent entities as the offer is reviewed by a committee of ISC members not included in the France family. J. Hyatt Brown will chair the ISC Special Committee. An agreement would have to be approved by a majority of ISC shareholders who are not members of the France family.
NASCAR and ISC sent a note to employees on Friday asking them to continue their respective work. It sent a letter to NASCAR Cup team owners who said the process took some time.
In their letter to the ISC Board, Jim France wrote and read France Kennedy: “We believe industry would benefit from structural changes to best position sport in a forward looking way. It will require significant time, effort and investment. We believe that this conversion will best be conducted as a private company.
“We further believe that the consolidation of the ownership of ISC and NASCAR, as private enterprise controlled by family owners, is in the best interest for all components of the sport and will positioning motorsport for long-term success and profitability. “
Seven times the NASCAR Cup Series Jimmie Johnson wondered what the merger could mean.
” We’ve all kicked around so many ideas. Do you shorten the schedule? Do you have weekday series? “He said.
” The merger and cooperation between these two units would be a step in that direction, I think. It would hopefully open these doors to make these conversations really happen and progress is being made. “
Scott Cooper, spokesman for Speedway Motorsports Inc., who owns nine of the 23 tracks in which the NASCAR Cup Series competes, said SMI has no comment on the news.
NASCAR has retained Goldman Sachs & Co. LLC as financial advisor and Baker Botts as legal adviser in negotiation and completion of a mutually acceptable transaction. BDT & Company serves as financial advisor to the France family.
Earlier this year, NASCAR had hired Goldman Sachs to determine the value of NASCAR for the family France, which fixed a price for a possible sale.
No schedules were announced.
“The company warns shareholders and others considering trading in their securities that the board has just received the non-binding letter of intent from NASCAR and no decisions have been taken with regarding the company’s response to the proposal, “ISC’s help in a press release.” It can not be guaranteed that anything final offer will be made, any agreement will be made or that this or any other transaction will be approved or executed. “