..

Churchill Downs to Buy Youbet.com for $126.4 Mil

Written by:
Guest
Published on:
Nov/11/2009

(Reuters) - Racetrack operator Churchill Downs Inc (CHDN.O: Quote, Profile, Research, Stock Buzz) agreed to buy Youbet.com Inc (UBET.O: Quote, Profile, Research, Stock Buzz) in a deal valued at $126.4 million in a bid to attract more online customers to horse racing.

The cash-and-stock deal values Youbet at about $2.86 a share, a premium of 19 percent over its Wednesday close of $2.41.

The deal, which is expected to close within the first half of 2010, will result in annualized cost savings of about $10 million, Churchill Downs said in a statement.

As part of the deal, shareholders of Youbet, which lets people bet on horse racing, would receive 0.0598 of Churchill Downs common stock and 97 cents in cash for each share owned.

Churchill Downs owns horse racing tracks in Florida, Illinois, Kentucky and Louisiana that host such high-profile races as the Kentucky Derby and Kentucky Oaks, the Arlington Million, the Princess Rooney Handicap and the Louisiana Derby.

Shares of Youbet rose 8 percent to $2.61 after the bell. Churchill Downs shares closed at $31.57 Wednesday on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Deepak Kannan)

Business/Financial News

Dow Jumps 400 Points, Nasdaq Surges 2% Following Inflation Report: Latest BetOnline Financial Odds

Dow Jumps 400 Points, Nasdaq Surges 2% Following Inflation Report: Latest BetOnline Financial Odds

Consumer prices rose 8.5% in July, and while that may seem like a lot, it was less than expected as the pace of the rise had slowed.

£9.9 Billion Class Action Lawsuit Filed Against Binance, Kraken, Others

£9.9 Billion Class Action Lawsuit Filed Against Binance, Kraken, Others

A £9.9 billion class action lawsuit has been filed against Binance, Bittylicious, Kraken and Shapeshift.  The plaintiffs are mostly BSV Blockchain investors.

VERDICT: Peter McCormack Liable for Defamation on All Counts

VERDICT: Peter McCormack Liable for Defamation on All Counts

The judge also found that McCormack’s defamatory tweets had caused serious harm to Wright's reputation in the United Kingdom.

Odds on the JetBlue Spirit Airways Merger Getting Approval

Gambling911.com has the odds of a JetBlue Spirit Airways merger receiving approval from the U.S. government by July 2024 set at +130.

Mark Cuban Anticipates SEC to Impose 'Nightmare' Crypto Registration Rules

Mark Cuban Anticipates SEC to Impose 'Nightmare' Crypto Registration Rules

And another serial entrepreneur, Calvin Ayre, asks: "How is anyone surprised that the SEC thinks most token platforms are securities when we have published this", directing folks to an article appearing on CoinGeek entitled: 'Ethereum 2.0 – Ether’s journey from a security to a security'

Syndicate