..

Youbet.com extends, modifies stock buyback plan

Written by:
Guest
Published on:
Apr/02/2009

Online gambling companyYoubet.com Inc. said Wednesday it has extended and modified its stock buyback plan and adopted a shareholder rights plan, something companies typically use to prevent an unsolicited takeover.

Youbet said that under its shareholder rights plan, if anyone acquires 4.9 percent or more of its outstanding shares without board approval, their voting power will automatically diminish significantly.

Existing shareholders who already owned 4.9 percent or more of the company's shares Tuesday will only trigger this if they acquire more shares.

The company's chief executive, Michael Brodsky, said the rights plan "is not intended for defensive or anti-takeover purposes" and it's being used to preserve shareholder value.

Youbet.com (nasdaq: UBET - news people ) also extended a share repurchase plan that was set to expire Tuesday. As part of the modified plan, Youbet is authorized to buy up to 10 percent of its outstanding shares as of March 31.

As of Dec. 31, the latest figures available from the Securities and Exchange Commission, the company had about 41.5 million outstanding shares.

Shares closed down a penny at $1.68.

Gambling News

Gambling.com Group Brings on Board Dave & Busters CFO

Gambling.com Group Brings on Board Dave & Busters CFO

One of the top sports betting affiliates in the USA market, the Gambling.com Group, has brought on board Michael Quartieri to join its Board of Directors.

Can I Bet the 2022 NHL Draft Online?

Can I Bet the 2022 NHL Draft Online?

Shane Wright is the odds-on favorite to be selected the overall number one pick priced at -340.

Sports Betting Firms Use Helping the Homeless in Likely $100 Million Ad Spend to Woo California Voters

But "California Solutions to Homelessness and Mental Health Act" referendum suggesting legalized gambling will help reduce homelessness may rub some voters the wrong way.

Maine Sports Betting Market Limited and Not Likely to Go Live for Another Two Years

Maine Sports Betting Market Limited and Not Likely to Go Live for Another Two Years

Up to 12 entities have reached out to the Maine Gambling Control Unit to introduce themselves and offer information about their services, but they're not who you might think.

Kevin Durant Next Team Odds Have Suns Favored at 4-5

Kevin Durant Next Team Odds Have Suns Favored at 4-5

The Brooklyn Nets come in at the middle of the pack to win the 2023 NBA Championship, thanks in no small part to Kevin Durant asking to leave.

Syndicate