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From Autosport:
Brands Hatch Leisure is on the verge of being sold to advertising giant Interpublic in a deal worth £119m.
The share price of BHL has shot up after it emerged that the world's second largest advertising company was due to make the multi-million pound offer.
The group revealed it had been approached in October shortly after BHL chief executive Nicola Foulston admitted defeat in the battle for control of Silverstone circuit.
It is believed, the deal would increase the price of shares further and make Foulston's 29.9 per cent stake worth about £35m.
As a further incentive for Interpublic, Brands Hatch has won the rights to stage the British Grand Prix.
and the Evening Standard:
The chequered flag signalled success today for US advertising giant Interpublic as it crossed the finishing line with an agreed £120 million bid for Brands Hatch - home of the British Grand Prix from 2002.
Interpublic is offering 546p per share in paper.
Brands Hatch Leisure chief executive Nicola Foulston has given them a supercharged boost to success by agreeing to sell her controlling interest, consisting of her own and family trust stakes of 29.8%.
Interpublic subsidiary Octagon will merge with Brands Hatch, with Foulston joining its management board.
Interpublic has wide experience in the US motor racing market, and today it said that motor sport was 'one of the fastest growing areas of sport.'
It already runs the Superbike World Championship races at Brands Hatch, which attract thousands of motorcycle enthusiasts to the Kent circuit every year.
Nicola Foulston will join the management board of Octagon once the takeover has been completed.
Today she said: 'Our vision has long been to be the leading international event promoter and venue in world motor sport.
'To achieve this we need to expand our operations from our UK base around the world.
'Interpublic and Octagon offer us a unique opportunity to achieve this goal through their international strength and network, the funding they can provide for us to acquire international business and the international motorsport rights they already control,' added Foulston.
mmmm right don't really know how any of this is going to alter the British GP or any other meetings at Brands yet, I'll reserve judgement for now.
anybody any views or gut feelings yet?
[This message has been edited by Andy H (edited 09 November 1999).]
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