International Speedway Corporation announced that its board of directors has received a non-binding offer from NASCAR to acquire all of the outstanding shares of Class A common stock and Class B common stock of the company, other than the shares held by the controlling shareholders of ISC, for a cash purchase price of $42.00 per share.
The intention is to combine ISC and NASCAR as one privately-held group of companies with the France family as primary owners. “In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth. We believe the industry requires structural changes to best position the sport for long term success and this offer represents a positive step forward in that direction,” said Jim France, Chairman of ISC and Chairman and Chief Executive Officer, NASCAR.
NASCAR’s proposal letter indicates that the outcome of this prospective offer will not impact the France family’s long-term commitment to the sport, nor its interest in maintaining its current ownership in ISC, as the France family is not interested in selling its shares of ISC at this time, the company noted. The ISC board has formed a special committee of independent directors to act on behalf of the company to consider this proposal.
In the interim, NASCAR and ISC will continue to operate as separate and independent entities. “The company cautions shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from NASCAR and no decisions have been made with respect to the company’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated,” the company said.
