[ad_1]
-
Bob PockrassNASCAR
AVONDALE, Ariz. – The France family is considering merging its sanctioning body, NASCAR, and its channel operating company, International Speedway Corporation, into a private company that it would operate.
The France family, as the owner of NASCAR, has announced that it has submitted a non-binding cash offer to acquire all of the outstanding shares of Class A common shares and $ 42 BAC common stock at $ 42. l & # 39; action. The stock price is $ 39.06.
At August 31, France Family Group controlled approximately 74.2% of the cumulative voting rights of the outstanding SAI shares. The total value of ISC shares, including those held by the France family, was $ 1.722 billion on Friday.
Martin Truex Jr. will gain benefits with his new team, but the move to Furniture Row Racing is not without some concerns.
Kevin Harvick's penalty on Wednesday raised questions about the effectiveness of NASCAR's inspection penalties and the need to change them.
1 related
ISC operates 12 race tracks where the NASCAR Cup Series races. NASCAR sanctions the races and also has some running tracks, including Iowa Speedway and through the sports car racing control body IMSA, Road Atlanta and Sebring.
"In a very competitive sports and entertainment landscape, a more unified strategic approach is important for our future growth," said Jim France, president of NASCAR, who also chairs the SAI board of directors.
"We believe that the sector needs structural changes to position the sport so that it is a long-term success and this offer represents a positive step in that direction."
NASCAR and ISC press releases indicated that there was no interest in receiving further offers from ISC as the France family was not interested in selling its ISC shares for the time being.
NASCAR and ISC will operate as independent entities, with the offer being reviewed by a committee composed of members of the SAI Board of Directors who are not part of the France family. J. Hyatt Brown will chair the special committee of the SAI. Any transaction should be approved by a majority of SAI 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 jobs. He sent a letter to owners of NASCAR Cup teams announcing that the process would take time.
In their letter to the SAI Board of Directors, Jim France and Lesa France Kennedy wrote: "We believe that the sector would benefit from a structural change in order to position sport at the same time. This will require a lot of time, effort and investment and we believe that this transformation will be better undertaken as a private company.
"In addition, we believe that the consolidation of the ownership of ISC and NASCAR, as private companies guided by the Family Stockholders, serves the best interests of all components of the sport and will position motor sport for success and long-term viability. "
Seven times in the NASCAR Cup series, Jimmie Johnson speculated on what the merger could mean.
"We've all been debating so many ideas, are you getting down to the schedule, do you have weekday shopping?" he said.
"This unity and the collaboration of these two entities combined would be a step in that direction, I think, which would hopefully open these doors for these conversations to really take place and progress to be made."
Scott Cooper, spokesperson for Speedway Motorsports Inc., owner of nine of the 23 tracks contested by the NASCAR Cup series, said that SMI had no comments to make about this news.
NASCAR has retained Goldman Sachs & Co. LLC as financial advisor and Baker Botts as legal counsel in the negotiation and execution of a mutually acceptable transaction. BDT & Company is the financial advisor to the France family.
Earlier this year, NASCAR hired Goldman Sachs to determine the value of NASCAR for the France family, setting a price for a potential sale.
No calendar has been announced.
"The company warns shareholders and others considering trading on its securities that the board has just received the non-binding proposal letter from NASCAR and that no decision has been made regarding the company's response to the proposal, "said ISC in a press release. "There is no guarantee that a definitive offer will be made, that a contract will be signed or that this transaction or any other transaction will be approved or completed."
Source link
