Sonic Financial Corporation to acquire Speedway Motorsports for $234m..

Sonic Financial Corporation, a financial services provider, agreed to acquire remaining shares in Speedway Motorsports, a motorsport company, for $234m. Under the terms of the merger agreement, Sonic Financial’s subsidiary will promptly commence a tender offer to acquire all of the outstanding shares of the Company’s common stock at a price of $19.75 per share in cash. The closing of the tender offer will be subject to several conditions, including the tender by more than 50% of the outstanding shares of common stock of the Company not held by the Smith Group and certain other related parties and other customary conditions. The per share price represents a premium of approximately 42% to the closing price of the company’s common stock on April 23, 2019.