Special Committee Announces Retention of Independent Advisors In Connection With Considering “Going Private” Proposal from Sonic Financial
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
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Source: GlobeNewswire
CONCORD, N.C., May 20, 2019 (GLOBE NEWSWIRE) -- Speedway Motorsports, Inc. (“SMI” or the “Company”) (NYSE: TRK) today announced that the Special Committee (the “Special Committee”) of its Board of Directors (the “Board”) has retained Morgan Stanley & Co. LLC as financial advisor to assist the Special Committee in the review of the previously-disclosed non-binding proposal from Sonic Financial Corporation (a company owned and controlled by O. Bruton Smith and his family) (“Sonic Financial”) of April 23, 2019 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, for cash consideration of $18.00 per share. The Special Committee has also engaged Simpson Thacher & Bartlett LLP as its legal advisor. The Special Committee continues to evaluate and consider the proposal as well as other alternatives that may be available to the Company.
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