Nascar has sealed the deal to buy International Speedway (ISCA) after months of negotiations.
Nascar raised its offer price to buy International Speedway to $2 billion from $1.9 billion last year. International Speedway announced Wednesday it agreed to be acquired by the stock car racing giant for $45 a share, up from Nascar's previous offer of $42.
International Speedway's board unanimously approved the deal, which will close some time this year. Shareholders of International Speedway previously disclosed in a class action lawsuit they would not challenge the fairness of the transaction price.
International Speedway had a $46 target price, dividend yield of 1.1% and underweight consensus rating at the time of the announcement, according to FactSet.
The stock rose 1.9% to $44.94 in trading Wednesday.