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|International Speedway Corp. accepts $2 billion NASCAR offer|
| Nascar Series |
|Posted by: Bob Barney-RaceRap.com on May 23, 2019 at 8:34am|
International Speedway Corp. accepts $2 billion NASCAR offer
International Speedway Corp. announced Wednesday it had agreed to a $2 billion merger with NASCAR in a deal that should be completed by the end of the year.
NASCAR had made an original offer of $42 per share for all outstanding shares of ISC stock in November but Wednesday’s agreement included a more than 7 percent increase of $45 per share.
The merger agreement was unanimously recommended and approved by a special committee comprised solely of independent directors of the Board of Directors of ISC and was unanimously approved by the full board.
The participating shareholders have also signed a letter agreement to cause their respective shares of ISC stock to be transferred to NASCAR prior to the effective time of the merger.
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