NASCAR to acquire International Speedway for $45.00 per share
International Speedway, or ISC, has entered into an agreement and plan of merger with NASCAR pursuant to which NASCAR will acquire ISC. The transaction is valued at approximately $2B. The consideration to be paid to ISC's shareholders will be $45.00 in cash for each share of ISC Class A common stock and ISC Class B common stock. The merger agreement was unanimously recommended and approved by a special committee comprised solely of independent directors of the board of ISC and was unanimously approved by the full board. In addition, the participating shareholders have signed a letter agreement to cause their respective shares of ISC Class A common stock and ISC Class B common stock to be transferred to NASCAR prior to the effective time of the merger. Under the terms of the merger agreement, ISC shareholders will be entitled to receive $45.00 in cash, without interest, for each share of ISC Class A common stock and ISC Class B common stock held immediately prior to the effective time of the merger. The transaction, which is expected to close in calendar year 2019, is conditioned on the approval of a majority of the aggregate voting power represented by the shares of ISC Class A common stock and ISC Class B common stock not owned by the controlling shareholders of ISC, voting together as a single class. The transaction is also conditioned on other customary closing conditions. In connection with the transaction negotiations, counsel for the plaintiff in The Firemen's Retirement System of St. Louis v. James C. France, the previously-disclosed class action lawsuit on behalf of ISC shareholders challenging the transaction, met with representatives of the special committee and has determined to not challenge the fairness of the transaction price.