Raised Bid Helps Move International Speedway Closer to Pairing With NASCAR Organization
With an increased bid of $45 per share, which values narrow-moat International Speedway at around $2 billion, we believe it is now probable that the go-private deal will close in 2019. The raised bid was unanimously recommended and approved by the special committee of independent directors along with the participating shareholders (the France family), which signed a letter of agreement to cede their shares to NASCAR before the merger. The initial $42 bid on Oct. 9, 2018, represented an 8% premiu...International Speedway owns motorsports entertainment facilities and promoter of motorsports themed entertainment activities in the U.S. The company's motorsports themed event operations consist primarily of racing events at its motorsports entertainment facilities. The company conducts, either through operations of the particular facility or through its wholly owned subsidiary, Americrown Service Corporation, food and beverage concession operations and catering services, both in suites and chalets. The company's subsidiary, Motor Racing Network, Inc. creates motorsports-related programming content carried on radio stations around the country, as well as on a national satellite radio service, Sirius XM Radio.
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