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NASCAR Chief's Firm Buys Out Detroit-Based Penske Motorsports.
Knight Ridder/Tribune Business News
May 11 -- Bill France Jr., president of NASCAR and one of racing's biggest barons, is buying out Roger Penske's racetrack company in a deal valued at $700 million.
The combined entity would control many of major-league auto racing's biggest and most prominent tracks.
International Speedway Corp. of Daytona Beach, Fla., is paying $50 per share in stock and cash for 12.2 million shares of Detroit-based Penske Motorsports Inc.
ISC already held 12 percent of Penske Motorsports. The deal announced late Monday includes $50 million in Penske Motorsports debt that ISC will assume.
The merger could have several major effects:
The Indianapolis Motor Speedway …
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- News wire article from: Knight Ridder/Tribune Business News Hopkins, Stella M. April 10, 1997 700+ words
Apr. 10--Penske Motorsports sweetened its offer for North...million -- from Bruton Smith's Speedway Motorsports. Smith already has a 24 percent...available on Wednesday, but Penske Motorsports said in a statement that she...
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...PRNewswire/ -- Penske Motorsports, Inc. (Nasdaq...the proposal of Speedway Motorsports, Inc. (Speedway...luxury boxes. Penske Motorsports, Inc. is a leading...States. SOURCE Penske Motorsports, Inc. -0...
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...PRNewswire/ -- Penske Motorsports, Inc. (PMI...proposal submitted by Speedway Motorsports, Inc. PMI will...luxury boxes. Penske Motorsports, Inc. is a leading...States. SOURCE Penske Motorsports, Inc. -0...
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...The latest Speedway Motorsports proposal...offer made by Penske Motorsports, Inc...both of Speedway Motorsports, Inc...SPWY) CO: Speedway Motorsports, Inc...Inc.; Penske Motorsports, Inc. ST...
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- Magazine article from: Crain's Cleveland Business SUTTELL, SCOTT June 21, 1999 700+ words
...motorsports companies -- International Speedway Corp. of Daytona Beach, Fla., Detroit-based Penske Motorsports Inc. and Speedway Motorsports Inc. of Concord, N.C. -- all have seen their stock price rise at least 51.8% since CART...
- Bruton Smith wins battle with Penske.
- News wire article from: State (Columbia, SC) April 26, 2000 700+ words
...end his long-running battle with Penske Motorsports. Smith, chairman of Speedway Motorsports, won a $3.6 million settlement...1997 sale. The speedway was sold to Penske Motorsports in 1997 for $42 million. Smith had...
- Charlotte, N.C.-Based Speedway Company Races to No. 1 in Industry.
- Newspaper article from: Knight Ridder/Tribune Business News Macur, Juliet June 28, 1999 700+ words
...officer of Speedway Motorsports Inc., one...was buying Penske Motorsports and acquiring...fortunes of both Speedway Motorsports and ISC...League. Penske Motorsports is the third...Speedway and Speedway Motorsports. Winston...
- Competition Doubles Up on North Carolina-Based Speedway Owner.
- Newspaper article from: Knight Ridder/Tribune Business News Williams, Audrey Y. May 11, 1999 700+ words
...favorably. Speedway Motorsports stock rose...would buy Penske Motorsports Inc. in...president of Speedway Motorsports, told analysts...revenues for Speedway Motorsports in 1998 were...52.75. Penske Motorsports stock rose...
- Indianapolis Speedway among Independents on Notice by Merger.
- Newspaper article from: Knight Ridder/Tribune Business News Koenig, Bill May 12, 1999 700+ words
...analysts say. By acquiring Penske Motorsports Inc. for $700 million...traded track companies, Speedway Motorsports Inc. and Dover Downs...easier for either ISC or Speedway Motorsports to buy tracks. Often...Roger Penske, chairman of Penske Motorsports and a CART team ...
- Motor-Sport Stocks Race Ahead.
- Newspaper article from: Knight Ridder/Tribune Business News Yue, Lorene June 7, 1999 700+ words
...The numbers explain why. Speedway Motorsports Inc., the Concord, N...on Friday. Detroit's Penske Motorsports Inc., which announced...demand," Wheeler said. "Speedway Motorsports is adding 5,000 seats...
Source: HighBeam Research, NASCAR Chief's Firm Buys Out Detroit-Based Penske Motorsports.
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