Speedway Motorsports, Inc. (NYSE: TRK), the owner of multiple NASCAR tracks, said Wednesday that it received a non-binding, take-private buyout offer from Sonic Financial for $18 per share cash.
The proposal letter is attached to an 8-K form Speedway is filing with the SEC Wednesday, the company said in a press release.
Speedway's board has formed a special committee to consider the buyout offer that will be advised by independent legal and financial advisors.
The proposal is subject to the approval of a majority of Speedway common stockholders other than the Smith Group and the special committe's approval.
Why It's Important
"Unless and until the transactions contemplated thereby have been consummated, SMI will continue to operate in the same manner as it operated prior to the receipt of the proposal letter," Speedway said in a press release.
Motorsport.com reported Wednesday that Sonic's offer is similar to one made made in 2018 by NASCAR to buy outstanding shares of International Speedway Corp (NASDAQ: ISCA) another publicly traded NASCAR track operator. That deal has yet to be accepted and is being challenged in court, the report said.
Speedway shares were rallying Wednesday on the news and were higher by 33.86 percent at $18.54 at the time of publication.
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