NASCAR offers to acquire the owner of Daytona International Speedway

The offer of $42 per share values the owner of the Daytona Beach race track, home of NASCAR's Daytona 500 race, at $1.85 billion

TRD MIAMI /
Nov.November 11, 2018 11:15 AM

Daytona International Speedway (Credit: DrivePetty.com)

NASCAR, a privately held company that sanctions and operates auto races, made a bid to acquire the publicly held owner of the Daytona International Speedway in Daytona Beach.

The offer values the owner of the  race track – home of the Daytona 500, the most prestigious NASCAR race – at $1.85 billion.

NASCAR offered to buy the outstanding shares of publicly held International Speedway Corp. for $42 per share, about 7.5 percent more than the shares’ closing price on Friday.

The deal also would combine NASCAR and International Speedway into a privately held entity owned by the France family, which controls both companies.

International Speedway has 44.1 million shares outstanding, including about 32 million controlled by the France Family Group, which owns NASCAR.

International Speedway announced Friday that it formed a special committee of independent directors to review the takeover bid by NASCAR.

The offer by NASCAR is pending approval by shareholders who own most of the common shares of International Speedway that the France family doesn’t own. [Wall Street Journal] – Mike Seemuth


Related Articles

arrow_forward_ios
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Power restored after blackout envelopes West Side of Manhattan

Power restored after blackout envelopes West Side of Manhattan

arrow_forward_ios
Loading...