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