International Speedway Corp - ISCA & ISCB Message Board

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Non-Tech : International Speedway Corp - ISCA & ISCB

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To: Stoctrash who wrote (11)	3/4/1997 9:40:00 AM
From: Stoctrash	of 15

Int'l Speedway to buy Corning Inc stake in WGI DAYTONA BEACH, Fla., March 4 (Reuter) - International Speedway Corp said Tuesday it will exercise its option to acquire the 50 percent of Watkins Glen International Inc that it does not already own from Corning Inc for about $3.1 million. The two companies bought the upstate New York 3.4 mile road course out of bankruptcy and reestablished it as a racing venue in the 1980s. The $3.1 million price for 50 percent of Watkins Glen represents the stock's book value at December 31, 1996. International Speedway's option to buy Corning's interest for its book value is part of a shareholder agreement between the two companies in place since 1988. The transaction is tentatively scheduled to close April 7, 1997.

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