International Speedway to Merge with NASCAR Holdings in Deal Valued at USD 2bn.
MANews-(C)2009-2019
29 May 2019 - Florida, US-based motor sport activities promoter International Speedway Corp. (ISC) (NASDAQ Global Select Market: ISCA) (OTCBB: ISCB) has entered into an agreement and plan of merger with Florida-based sports sanctioning body NASCAR Holdings, Inc. pursuant to which NASCAR will acquire ISC in a transaction valued approximately USD 2.0bn, the company said.
The consideration to be paid to ISC's shareholders will be USD 45.00 in cash for each share of ISC class A common stock and ISC class B common stock. The transaction is expected to close in calendar year 2019.
In connection with the transaction negotiations, counsel for the plaintiff in The Firemen's Retirement System of St. Louis v. James C. France, et al., Case No. 2018-CA-032105-CICI (Seventh Judicial Circuit, Volusia County, Florida), the previously-disclosed class action lawsuit on behalf of ISC shareholders challenging the transaction, met with representatives of the Special Committee, and has determined to not challenge the fairness of the transaction price.
NASCAR Holdings, Inc., through its subsidiaries, operates as a sports sanctioning body. It also provides news, statistics, and information services on races, drivers, teams, and industry events
International Speedway Corp. is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. ISC owns and/or operates 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway in Florida (home of the DAYTONA...
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