Daytona Beach, FL - The company that runs promotions for multiple speedways including Daytona announces that they've entered a merger agreement.
Earlier today, the International Speedway Corporation, which sits just across the street from the Daytona International Speedway, announced a $2 Billion deal that will merge them with NASCAR.
That agreement came after a unanimous vote following a special committee meeting comprised solely of independent directors of the Board of Directors.
According to the release from ISC, shareholders and certain related entities will be paid $45 in cash for each share of ISC Class A and B common stock that they own.
In addition, participating shareholders have signed an agreement to cause their respective shares to be transferred to NASCAR prior to the effective time of the merger.
The transaction, which ISC expects to close before the end of 2019, is also conditioned on the approval of a majority of the voting power represented by the shares of ISC stock not owned by the controlling shareholders of ISC.
