International Speedway Corporation (ISC) announced Wednesday morning it has agreed to a $2 billion merger with NASCAR.
ISC shareholders will receive $45 per share. Last November when it was announced that NASCAR had submitted a bid to purchase all the outstanding Class A common stock and Class B common stock, the offer was $42 a share.
In announcing the deal, ISC said the transaction is expected to be completed by the end of the year pending the approval of non-France family shareholders. ISC also announced that a class-action lawsuit that had been filed against it and NASCAR had been dropped. The suit had been filed last December in Florida, on behalf of the Firemen’s Retirement System of St. Louis regarding the purchase price for the outstanding stock.
ISC owns 12 tracks on the NASCAR schedule: Daytona, Talladega, Michigan, Richmond, Fontana, Kansas, ISM, Chicagoland, Homestead, Martinsville, Darlington, and Watkins Glen.