Penske Motorsports and North Carolina Motor Speedway Enter Into Merger Agreement
5 August 1997
Penske Motorsports and North Carolina Motor Speedway Enter Into Merger Agreement
DETROIT, Aug. 5 -- Penske Motorsports, Inc. (PMI)
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.