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Investors who purchased shares of International Speedway Corporation (NASDAQ: ISCA) and currently hold any of those NASDAQ: ISCA shares have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
An investigation on behalf of investors, who currently hold shares of International Speedway Corporation (NASDAQ: ISCA), was announced concerning whether the takeover of International Speedway Corporation is unfair to NASDAQ: ISCA stockholders.
The investigation by a law firm concerns whether certain officers and directors of International Speedway Corporation breached their fiduciary duties owed to NASDAQ: ISCA investors in connection with the proposed acquisition.
Daytona Beach, FL based International Speedway Corporation, together with its subsidiaries, promotes motorsports themed entertainment activities in the United States. International Speedway Corporation reported that its Total Revenue rose from $670.45 million for the 12 months period that ended on November 30, 2017 to $673.23 million for the 12 months period that ended on November 30, 2018 and that its Net Income over those time periods increased from $110.82 million to $225.28 million.
On May 22, 2019, International Speedway Corporation (NASDAQ: ISCA) announced that it has entered into an Agreement and Plan of Merger with NASCAR Holdings, Inc. pursuant to which NASCAR will acquire International Speedway Corporation (NASDAQ: ISCA) in a transaction valued at approximately $2.0 billion.
The consideration to be paid to shareholders of International Speedway Corporation (NASDAQ: ISCA) will be $45.00 in cash for each share of ISC Class A Common Stock and ISC Class B Common Stock.
However, given that at least one analyst has set the high target price for NASDAQ: ISCA shares at $46.00 per share and given that NASDAQ: ISCA shares traded as recently as July 2018 as high as $46.85 per share in the open market, the investigation concerns whether the offer is unfair to NASDAQ: ISCA stockholders. More specifically, the investigation concerns whether the International Speedway Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of International Speedway Corporation (NASDAQ: ISCA) closed on May 28, 2019, at $45.31 per share.
