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Parker Poe Advises on Deal to Take Speedway Motorsports Private

  • August 20, 2019

Charlotte, N.C. – Parker Poe Adams & Bernstein LLP is pleased to announce that the firm is representing Sonic Financial Corporation in its deal to acquire all outstanding shares of Speedway Motorsports Inc., a publicly traded company that is a national leader in motorsports entertainment. Sonic Financial has submitted a tender offer to acquire the outstanding shares at $19.75 per share, implying an enterprise value of more than $1 billion.

Sonic Financial is owned by motorsports pioneer O. Bruton Smith and his family. Parker Poe is a long-standing adviser to Sonic Financial, Speedway Motorsports, and the Smith Group. The firm has represented the motorsports entity for nearly 40 years and helped take Speedway Motorsports public in 1995.

Today, Parker Poe partner Jimmy Greene is leading the deal team, which also features partners Skip Smart, Chuck Lee, and Andrew Dana, as well as associates Jordan Temple and Dominic Lerario. The Parker Poe team is advising on all aspects of the deal along with co-counsel at Kirkland & Ellis, including structuring and negotiating the transaction, complying with Securities and Exchange Commission (SEC) regulations, and navigating federal tax impacts.

About Parker Poe
Parker Poe Adams & Bernstein LLP has more than 200 lawyers in eight offices in North Carolina, South Carolina, Georgia, and Washington, D.C. The firm provides legal counsel to many of the largest companies and local governments in the Southeast.

Parker Poe is a member of TerraLex, one of the world’s leading international legal networks. With 155 member law firms and more than 17,000 attorneys in 100 countries, TerraLex members provide the legal resources needed to conduct seamless business worldwide.