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NASCAR offered to buy the outstanding shares of International Speedway for $ 42 a share, a 7.5% premium over the company's closing price on Friday.
Photo:
Jonathan Ferrey / Getty Images
Nascar offered to acquire
International Speedway
Corp.
ISCA -1.11%
in an agreement that assesses the owner of the $ 1.85 billion Daytona International Speedway and that would group the two companies into a private group owned by the controlling family of NASCAR.
International Speedway announced Friday it had formed a special committee of independent directors to review the agreement and that no decision had been taken in response to this proposal. NASCAR and ISC will continue to operate as separate and independent entities in the meantime.
Nascar is part of the France Family Group, which also controlled approximately 74.2% of the outstanding shares of International Speedway on August 31, according to the latest quarterly filing of International Speedway with the Securities and Exchange Commission.
Jim France, chief executive of NASCAR, said that a unified strategic approach was important for future growth. "We believe that the sector needs structural changes in order to position the sport optimally for its long-term success, and this offer represents a positive step in this direction," France said in a press release. .
Nascar proposed to buy the outstanding shares of International Speedway at $ 42 per share, a 7.5% premium over the company's closing price on Friday. According to FactSet, International Speedway has about 44.1 million shares outstanding.
According to International Speedway, the proposal provides for the merger of NASCAR and International Speedway into a group of private companies whose main family is the French family, the founding family of Nascar. Nascar was founded by Bill France in 1948, and members of his family own it and still exploit it.
The Nascar Offer is subject to the approval of the holders of the majority of the outstanding common shares of International Speedway, other than ordinary shares held by the France family.
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