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Nascar to buy International Speedway in deal valued at $2 billion, at a 7% premium to original per-share bid

Tomi Kilgore

International Speedway Corp. announced Wednesday a deal to be acquired by Nascar Holdings Inc. in a deal valued at $2.0 billion. Under terms of the deal, Nascar will pay $45 in cash for each International Speedway share outstanding, which represents a 2.0% premium to the Class A shares' Tuesday closing price of $44.10, and 7.1% above Nascar's original bid in November of $42 a share. The deal is expected to close in 2019. International Speedway's stock, which is halted for news until 9:50 a.m. Eastern, has gained 0.6% year to date, while the S&P 500 has advanced 14%.