Timeline for Potential NASCAR Acquisition Vague; We Remain on the Sideline Pending Further Details
Narrow-moat International Speedway received a nonbinding cash bid for the acquisition of its Class A and B shares of $42 per share on Nov. 9, which represented an 8% premium on its prior market closing price at the time ($39.06). However, certainty surrounding the transaction remains elusive with a special committee and outside consultants evaluating the merits of the bid, with no offered timeline to its conclusion. As we noted previously, this was a mitigating factor that we believed could dela...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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