Open Wheel proceeds with CART acquisition

Purpose-formed US company Open Wheel Racing Series, which is undertaking the due diligence process associated with its agreement to acquire NYSE-listed series promoter Championship Auto Racing Teams, did not exercise its right to terminate the deal before yesterday's deadline. Open Wheel, which has offered 56c per share, is now entitled to a termination fee of $350,000 if the CART board accepts a superior offer

Open Wheel proceeds with CART acquisition

Under the agreement, CART retains the ability to pursue and accept a superior acquisition proposal, subject to the compensation that would have to be paid to Open Wheel. This termination fee would also become due if Open Wheel terminated the agreement because CART withdraws or adversely modifies its recommendation of the transaction to its stockholders, or takes action under its shareholder rights agreement to permit another person or entity to acquire 15 percent of its stock.

Autosport Professional is a subscription based daily email service for the motorsport professional. The aim is simple: to keep you up to date with relevant motorsport business news, using our worldwide network of resources to supply relevant timely bulletins.

shares
comments
NBC TV wants NASCAR in New York

Previous article

NBC TV wants NASCAR in New York

Next article

Arrow MD calls for promotional funding

Arrow MD calls for promotional funding
Load comments
The one-time Schumacher rival rebooting his career Down Under Plus

The one-time Schumacher rival rebooting his career Down Under

Joey Mawson made waves in the middle of the last decade, beating future Haas Formula 1 driver Mick Schumacher - among other highly-rated talents - to the 2016 German F4 title. A run in F1's feeder GP3 category only caused his career to stall, but now back in Australia Mawson's S5000 title success has set that to rights

General
May 8, 2021
The lesson football’s would-be wreckers could learn from racing Plus

The lesson football’s would-be wreckers could learn from racing

OPINION: The greed-driven push for a European Super League that threatened to tear football apart is collapsing at the seams. Motor racing's equivalent, the football-themed Superleague Formula series of 2008-11, was everything that the proposed ESL never could be

General
Apr 21, 2021
The F1 and Indy 'nearly man' that found contentment in Japan Plus

The F1 and Indy 'nearly man' that found contentment in Japan

Having had the door to F1 slammed in his face and come within three laps of winning the Indianapolis 500, the collapse of a Peugeot LMP1 shot meant Japan was Bertrand Baguette's last chance of a career. But it's one which he has grasped with both hands

General
Feb 27, 2021
The female all-rounder who arrived "too early" Plus

The female all-rounder who arrived "too early"

From Formula 3 to truck racing, Dakar and EuroNASCAR via a winning stint in the DTM, there's not much Ellen Lohr hasn't seen in a stellar racing career that highlights the merit in being a generalist. But she believes her career came too early...

General
Feb 17, 2021
How Radical's latest machines fare on track Plus

How Radical's latest machines fare on track

The lightweight sportscar manufacturer has not rewritten the rulebook with its latest machines, but the new SR3 XX and SR10 still provide a step forward on its previous successful models

General
Feb 8, 2021
The real-life racing rogues stranger than fiction Plus

The real-life racing rogues stranger than fiction

The forthcoming Netflix film linking the world of underworld crime and motorsport plays on a theme that isn't exactly new. Over the years, several shady figures have attempted to make it in racing before their dubious dealings caught up with them

General
Jan 31, 2021
How a GP is thriving in a COVID-free territory Plus

How a GP is thriving in a COVID-free territory

The New Zealand Grand Prix's mix of rising talent and big-name stars thrilled the crowds (yes, remember crowds?) assembled for the Toyota Racing Series meeting at Hampton Downs last weekend and left distant observers craving a repeat

General
Jan 26, 2021
How a much-changed Macau GP kept the party going Plus

How a much-changed Macau GP kept the party going

OPINION: The 67th edition of the Macau Grand Prix might have been a largely muted affair to the outside world without its international influx and star line-ups, another victim to the COVID-19 pandemic, but organisers deserve huge credit for keeping the party going

General
Nov 24, 2020