NASCAR Buys Talladega Superspeedway Parent International Speedway For $2 Billion

| May 22, 2019 @ 5:00 am

By John J. Edwards III and Yueqi YangBloomberg

Nascar Holdings Inc. agreed to buy International Speedway Corp. for about $2 billion in cash, more tightly combining two companies already controlled by the France family.

Nascar raised its price to clinch the deal for the owner of famous stock-car racing venues including the Daytona International Speedway in Florida and the Talladega Superspeedway in Alabama. International Speedway shareholders will get $45 a share under the agreement announced Wednesday, up from a $42 offer in November.

The idea at the time was to combine the companies as a privately held group, with the France family as the primary owners. Jim France is chairman of International Speedway and chief executive officer of Nascar.International Speedway shares were halted Wednesday. The $45 price is 2 percent above the Tuesday closing price of $44.10. The stock, which traded as low as $35.18 in October last year, jumped into that range when Nascar disclosed its November bid.

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