International Speedway Better Get Acquired

About: International Speedway Corporation (ISCA), Includes: TRK
by: Vince Martin
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Vince Martin
Long/short equity, value, gambling

Despite accelerating weakness in NASCAR attendance and ratings, ISCA shares have held up.

The catalyst of late has been a non-binding acquisition offer of $42 per share from NASCAR itself.

ISCA trades at a premium to the offer, which seems to suggest investors are expecting a higher bid.

That's certainly possible - but if a deal doesn't get done, ISCA has good ways to fall.

International Speedway (ISCA) truly has been confounding. My bear case for years now has been reasonably simple: declines in NASCAR fan interest would lead to lower attendance, offsetting annual increases in ISC's share