NASCAR has offered to purchase International Speedway Corp. ISCA, -1.11% which owns and operates 13 of the race-car circuit’s tracks. According to a release lat Friday, NASCAR offered $42 a share for all of the shares not currently owned by the France family, which largely owns and controls NASCAR and owns about 1.4% of ISC, according to FactSet. “The intention is to combine ISC and NASCAR as one privately-held group of companies with the France family as primary owners,” the release said. ISC shares closed Friday at $39.06, but has commonly traded above the offer price this year; shares have dropped about 10.8% this quarter. IAC owns some of NASCAR’s most famous racetracks, including the Talladega Motor Speedway in Alabama and Daytona International Speedway in Florida, with its tracks spreading as far north as Watkins Glen in New York and two tracks in Chicago, and as far west as Arizona and California. “In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth,” said Jim France, the chairman of ISC who is currently serving as chairman and chief executive of NASCAR after his nephew took a leave of absence following an arrest last summer.
Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.