Rockingham merger battle

MERGER BATTLES UNDERWAY AT ROCKINGHAM Penske Motorsports, Inc. (PMI), announced Tuesday that it had entered into a definitive option and voting agreement with Carrie B. DeWitt, who owns approximately 65% of the outstanding stock of North Carolina ...

MERGER BATTLES UNDERWAY AT ROCKINGHAM

Penske Motorsports, Inc. (PMI), announced Tuesday that it had entered into a definitive option and voting agreement with Carrie B. DeWitt, who owns approximately 65% of the outstanding stock of North Carolina Motor Speedway, Inc. (NCMS), in Rockingham, N.C.

Under the terms of the Agreement, each stockholder would receive, at his or her option, either $14.00 in cash per share of NCMS stock or that number of shares of PMI stock.

According to a release issued by Penske Motorsports, Inc., DeWitt has agreed to vote her shares in favor of the merger and to exchange her shares in NCMS for shares in PMI if the merger takes place.

PMI owns and operates, through its subsidiaries, Michigan Speedway, Nazareth Speedway and the new California Speedway, as well as several other automotive and motorsports businesses.

On Wednesday, however, in a move labeled as a "white knight" alternative to PMI's proposal, Speedway Motorsports, Inc., offered a merger proposal to the board of directors of NCMS.

Speedway Motorsports, Inc., owner and operator of Atlanta, Bristol, Charlotte and Texas Motor Speedways, has proposed a $23 per share cash payment option to NCMS stockholders against one share of Speedway MotorSports, Inc., stock per share of NCMS.

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