International Speedway Corp. (NASDAQ: ISCA) shares rose handily on Wednesday after the company announced that it would be acquired by NASCAR. The transaction was approved by a special committee comprised solely of independent directors of the board and was unanimously approved.
The transaction is valued at roughly $2.0 billion. The consideration to be paid to ISC’s shareholders will be $45.00 in cash for each share of ISC Class A Common Stock and ISC Class B Common Stock.
The transaction, which is expected to close in calendar year 2019, is conditioned on the approval of a majority of the aggregate voting power represented by the shares of ISC A common stock and ISC Class B common stock not owned by the controlling shareholders of International Speedway, voting together as a single class.
This transaction is subject to other customary closing conditions.
International Speedway owns some of America’s most infamous car racing tracks, including the Daytona International Speedway in Florida, where the company is based, and the Talladega Superspeedway in Alabama.
Late last year, NASCAR began acquiring the stock in International Speedway, which owns a majority of the NASCAR-sanctioned tracks.
Shares of International Speedway were last seen up about 2% at $44.96, in a 52-week range of $35.12 to $49.95. The consensus price target is $43.50.
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