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Small-Cap Snapshot: International Speedway races higher on news of possible takeover by NASCAR

Eastman Kodak, GNC Holdings and Abeona Therapeutics are also seeing trading action
race cars
Nascar has offered to pay $42 per share to acquire International Speedway, but its independent directors are still mulling over the deal

International Speedway Corporation (NASDAQ:ISCA) is on the rise on the Russell 2000 in the wake of having received NASCAR’s offer to acquire it at $42 per share, which represents a nearly 8% premium to its closing price on Friday. The deal would combine the two companies into a single private company run by the France family. International Speedway has put together a special committee of independent directors to mull over the deal and the owner of the Daytona International Speedway has not yet made a decision on the proposed offering. Founded in 1953, International Speedway operates 13 car racing tracks, including Daytona as well as the Talladega Superspeedway in Alabama and Chicagoland Speedway outside of Chicago.

Class A shares of International Speedway Corp climbed 10.5% to $43.04.

Eastman Kodak Company shares (NYSE:KODK) are also gaining traction on the Russell after the once-iconic camera company struck a deal to sell its Flexographic Packaging Division to a private equity group called Montagu Private Equity LLP.  Upon the closing of the $390 million deal, Kodak’s former business unit will operate on its own and still develop, manufacture and sell flexographic products, including the flagship Kodak Flexcel NX system, to the packaging print system. The proceeds from the transaction will be used by Kodak to reduce its term debt. Kodak will receive a base sale price of $340 million plus additional payments of as much as $50 million.

Eastman Kodak rose 6.5% to $3.28.

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GNC Holdings Inc (NYSE:GNC) isn’t faring well, meanwhile, a day after swinging to a third-quarter loss of $8.6 million, or $0.10 per share, on weaker sales. Stripping out items, its earnings came in at $0.02 per share on revenue of $580 million. The nutritional supplements retailer is nearing a deal with a Chinese pharmaceutical group, having recently announced the completion of an initial $100 million investment by Harbin Pharmaceutical Group Co Ltd. This is the first of three investments by the state-controlled drug maker totaling $300 million. GNC, which sells vitamins and herbal supplements, already conducts substantial business in China.

GNC shed 20.6% to $3.35.

Abeona Therapeutics (NASDAQ:ABEO) is also on the list of laggards after posting a loss in its third quarter of $16.4 million, or $0.34 per share and missing Wall Street’s earnings projections for a loss of $0.23 per share. Its revenue of $1.7 million, did exceed analysts’ consensus estimate of $1 million. Headquartered in Dallas, Texas, Abeona is a clinical-stage biopharmaceutical company that develops cell and gene therapies for rare genetic diseases.

Abeona slipped 14% to $8.09.

Contact Ellen Kelleher at [email protected]

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