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Motorsports Authentics has entered into a definitive agreement to purchase Action for $13 per common share, or approximately $245 million, in cash.
Action's brands for licensed apparel, gifts and other memorabilia include Chase Authentics, Trevco and Winner's Circle.
As such, we believe we can capitalize on financial and operating synergies by approaching merchandise operations as a combined entity through Motorsports Authentics.
Motorsports Authentics will integrate the intellectual property rights of a significant number of NASCAR's premier teams, drivers and tracks into a cohesive long-term merchandising strategy.
Complete with an authentic Evolv DNA 40 chip, this mod is temperature controlled which brings a new level of safety to modern vaporizers.
Action's intellectual property rights, combined with those acquired from Team Caliber earlier this year, allow Motorsports Authentics to execute its cohesive long-term motorsports merchandising strategy," said Lesa France Kennedy, President of ISC.
In addition, the Company has an indirect 50 percent interest in a business called Motorsports Authentics, which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing.
The Company provides souvenir merchandising services through its SMI Properties subsidiaries and Motorsports Authentics joint venture, and manufactures and distributes smaller-scale, modified racing cars through its 600 Racing subsidiary.