AVONDALE, Ariz. – The France family is looking to merge its sanctioning body, NASCAR, and its track-operating company, International Speedway Corporation, into one privately run company that it would operate.
The France family, through its ownership of NASCAR, announced at den har forelagt et ikke-bindende kontanttilbud for å erverve alle utestående aksjer av klasse A felles aksje og klasse B felles aksje for ISC på $ 42 a share. The stock price is at $ 39.06.
As or Aug. 31
Martin Truex Jr.
Kevin Harvick's penalty on Wednesday has people asking about the effectiveness of NASCAR's inspection penalties and whether they need to be changed.
ISC operates 12 racing tracks where the NASCAR Cup Series races. NASCAR sanctions races and also owns a few racetracks, including Iowa Speedway and through its ownership of the sports car racing sanctioning body IMSA, Road Atlanta and Sebring.
"In a highly competitive sports and entertainment landscape, a more unified strategic approach is important for our future growth, "said NASCAR Chairman Jim France, who also chairs the ISC board of directors.
" We believe the industry requires structural changes to best position the sport for long-term success and this offer represents a positive step forward in that direction. "
The news releases from NASCAR and ISC indicated that there is no interest in ISC entertaining any other offers as the France family is not interested in selling its shares of ISC at this time.
NASCAR and ISC will operate as separate independent entities as the offer is reviewed by a committee of ISC board members who are not part of the France family. J. Hyatt Brown will chair the ISC special committee.
NASCAR and ISC sent a note to employees Friday, asking them to continue their respective work. It sent a letter to NASCAR Cup team owners saying that the process will take some time.
In their letter to the ISC board, Jim France and Lesa France Kennedy wrote: "We believe the industry would benefit from structural change in order to best positioning the sport on a going forward basis. This will require significant time, effort, and investment. We believe that this transformation will be best undertaken as a private company.
"In addition, we believe that the consolidation of the ownership of ISC and NASCAR, as private companies guided by the Family Stockholders, are in the best interests of all constituents of the sport and will position motorsports for long-term success and viability. "
Seven-time NASCAR Cup Series Jimmie Johnson speculated on what the merge may mean.
"We've all kicked around so many ideas. Do you shorten the schedule? Do you have weekday races? "He said.
" That unity and that cooperation of those two entities combined would be a step in that direction, I would think. Scott Cooper, spokesman for Speedway Motorsports Inc., which owns nine of the 23 tracks where the NASCAR Cup Series competes, said SMI has no comment. on the news.
NASCAR has retained Goldman Sachs & Co. LLC as its financial advisor and Baker Botts as its legal counsel in connection with the negotiation and execution of a mutually acceptable transaction. BDT & Company serves as financial advisor to the France family.
Earlier this year, NASCAR had hired Goldman Sachs to determine the value of NASCAR for the France family, establishing a price for a potential sale.
No timetable was announced.
"The company cautions shareholders and others considering trading in its securities that the Board has just received the non-binding proposal letter from NASCAR and no decisions have been made with respect to the company's response to the proposal, "ISC s aid in a news release. "Det kan ikke garanteres at et endelig tilbud vil bli gjort, at en eventuell avtale vil bli gjennomført eller at denne eller annen transaksjon vil bli godkjent eller fullført."