NASCAR today announced that it has submitted a non-binding offer to acquire all outstanding shares of Class A common stock and Class B common stock of International Speedway Corporation (“ISC”) not already owned by the controlling shareholders of NASCAR. The intention is to combine ISC and NASCAR as one privately run group of companies led by the France family.
“In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth,” said Jim France, NASCAR Chairman and CEO. “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.”
NASCAR has retained Goldman Sachs & Co. LLC as its financial advisor and Baker Botts as its legal counsel in connection with the negotiation and consummation of a mutually acceptable transaction, and BDT & Company is serving as financial advisor to the France family. NASCAR’s offer will be reviewed by a special committee of independent ISC board members advised by independent legal and financial advisors. In the interim, NASCAR and ISC will continue to operate separate as independent entities.
The outcome of this prospective offer will not impact the France family’s long-term commitment to the sport, nor its interest in maintaining its current ownership in ISC, as the France family is not interested in selling its shares of ISC at this time.