The parent company of Speedway Motorsports Inc. has created an offer to acquire all of its outstanding common stock, the second movement of its kind between one of the key racetrack operators in NASCAR in the past five weeks.
The stock closed at $13.94 on Tuesday along with the 52-week high for the inventory was $18.36.
Bruton Smith is the founder and majority stakeholder at SMI, which works. Smith and his family possess Sonic.
In the event the ISC and SMI deals go through, the two track operators at NASCAR will become private businesses. That could facilitate any restructuring of their stock car series that is stagnant.
In a letter Sonic delivered to the SMI board of directors, the business noted”NASCAR racing has confronted many challenges lately, and the firm was affected with these challenges. NASCAR has suggested the game would take advantage of structural change.”
SMI believes it will be better placed during a overhaul as an exclusive firm.
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