Sonic Financial Corporation Submits Non-Binding Proposal to Acquire Speedway Motorsports, Inc.
SPEEDWAY MOTORSPORTS (TRK)
Last speedway motorsports earnings: 7/31 06:30 am
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US:NYSE Investor Relations:
investors.speedwaymotorsports.com/home/default.aspx
Company Research
Source: GlobeNewswire
CONCORD, N.C., April 24, 2019 (GLOBE NEWSWIRE) -- Speedway Motorsports, Inc. (“SMI” or the “Company”) (NYSE: TRK) announced that on April 23, 2019, its Board of Directors (the “Board”) received a non-binding proposal from Sonic Financial Corporation (a company owned and controlled by O. Bruton Smith and his family) (“Sonic Financial”), to acquire all of the outstanding shares of common stock of the Company, other than the shares held by Sonic Financial, O. Bruton Smith, his family and entities controlled by Mr. Smith and his family (collectively, the “Smith Group”), for cash consideration of $18.00 per share. A copy of Sonic Financial’s non-binding proposal letter is attached as Exhibit 99.1 to the Company’s Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission today. The proposal letter indicates that the proposal by Sonic Financial is expressly subject to (i) a non-waivable condition requiring the approval of the holders of a majority o
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