TheChek News Flow

Speedway Motorsports, Inc. [NYSE:TRK], based in Concord, North Carolina, today (20 May) announced that the special committee of its board of directors has hired Morgan Stanley to assist with the review of the non-binding proposal by Sonic Financial Corporation to acquire all of SMI's outstanding common stock.

The committee has also hired Simpson Thacher & Bartlett LLP as its legal advisor, SMI said.

Announcement:

Speedway Motorsports, Inc. (“SMI” or the “Company”), a Concord, NC-based motorsports entertainment promoter, today announced that the Special Committee (the “Special Committee”) of its Board of Directors (the “Board”) has retained Morgan Stanley & Co. LLC as financial advisor to assist the Special Committee in the review of the previously-disclosed non-binding proposal from Sonic Financial Corporation (a company owned and controlled by O. Bruton Smith and his family) (“Sonic Financial”) of April 23, 2019 to acquire all of the outstanding shares of common stock of the Company, other than the shares held by Sonic Financial, O. Bruton Smith, his family and entities controlled by Mr. Smith and his family, for cash consideration of USD 18.00 per share. The Special Committee has also engaged Simpson Thacher & Bartlett LLP as its legal advisor.

The Special Committee continues to evaluate and consider the proposal as well as other alternatives that may be available to the Company. Nothing in this communication shall constitute a solicitation to buy or an offer to sell shares of SMI’s common stock. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

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