CHAMPCAR/CART: Penske-Rockingham merger

Penske Motorsports and North Carolina Motor Speedway Enter Into Merger Agreement DETROIT, Aug. 5 /PRNewswire/ -- Penske Motorsports, Inc. (PMI) (Nasdaq-NNM: SPWY) announced today that it executed a merger ...

Penske Motorsports and North Carolina Motor Speedway Enter Into Merger Agreement DETROIT, Aug. 5 /PRNewswire/ -- Penske Motorsports, Inc. (PMI) (Nasdaq-NNM: SPWY) announced today that it executed a merger agreement with North Carolina Motor Speedway, Inc. (NCMS). The execution of the agreement followed today's approval of the merger and the merger agreement by the NCMS Board of Directors. The merger proposal will now be submitted to the NCMS shareholders at a meeting expected to be held in late September. PMI owns approximately 70% of the outstanding shares of NCMS common stock, and will vote in favor of the proposed merger. Penske Motorsports, Inc. is a leading promoter and marketer of professional motorsports in the United States. PMI owns and operates the following through its wholly-owned subsidiaries, Michigan Speedway in Brooklyn, Michigan; Nazareth Speedway in Nazareth, Pennsylvania, and California Speedway near Los Angeles, California. PMI also has a majority ownership of the North Carolina Motor Speedway near Rockingham, North Carolina and holds a 40% interest in Homestead-Miami Speedway, LLC. In addition, PMI produces and markets motorsports-related merchandise and accessories such as apparel, souvenirs and collectibles; and it distributes and sells Goodyear brand racing tires in the Midwest and Southeast regions of the United States. Penske Motorsports' major shareholder is a majority-owned subsidiary of Penske Corporation, a closely-held, diversified transportation services company which conducts its business through a number of wholly- or partially-owned companies, including Penske Truck Leasing Company, Detroit Diesel Corporation, Diesel Technology Company, AG Kuhnle, Kopp and Kausch, Penske Automotive Group, Inc., Penske Auto Centers, Inc., and Penske Capital Partners. The Penske group of businesses has annual revenues exceeding $6 billion and employs more than 28,000 around the world. SOURCE Penske Motorsports, Inc.

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Series IndyCar , NASCAR Cup