Championship Auto Racing Teams, Inc (CART) have announced that stockholders will vote upon the proposed takeover by Open Wheel Racing Series LLC on December 19th 2003, a date where the immediate and long term future of the series should be decided.

The vote will take place at series headquarters at 10:00am local time.

Championship Auto Racing Teams, Inc. and Open Wheel Racing Series LLC announced previously they have signed a definitive merger agreement providing for Open Wheel Racing Series to acquire the organisation for cash equivalent to $0.56 per share, based on the number of shares of common stock currently outstanding. The transaction is subject to a number of closing conditions, including approval by CART's stockholders.

Open Wheel Racing Series is a newly formed holding company owned indirectly by a group of investors including Gerald R. Forsythe, Kevin Kalkhoven and Paul Gentilozzi. Open Wheel Racing Series currently has beneficial ownership of 3,377,400 shares of common stock, which represent approximately 22.9% of the outstanding shares. These shares will be contributed to Open Wheel Racing Series by Mr. Forsythe or entities owned or controlled by him.

Open Wheel Racing Series has previously stated that, if the transaction is completed, it intends to continue to operate the series, including continuing to sanction the Championship currently known as "Bridgestone Presents the Champ Car World Series Powered by Ford."

 

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