Youbet.com extends, modifies stock buyback plan

Written by:
Published on:

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

Canelo vs. GGG III Betting Odds Now Up

Canelo vs. GGG III Betting Odds Now Up

Canelo Alvarez is going to “warm up” against 40-year-old Gennadiy Golovkin before he exercises a rematch with Dmitry Bivol.

Sports Betting, Events Odds and Previews: Attempts to Legalize Sports Betting in Minnesota Fail

The House bill would not allow racetracks to offer sports betting and this is what ultimately derailed the efforts.

Atlantic City's Casinos Earnings Rise, But Some Still Lag

Atlantic City’s casinos collectively saw their profitability increase in the first quarter of this year compared with both a year earlier and also the pre-pandemic period.

Crypto, Blockchain and Gaming News: Wright Disinvited to Conferences Due to Slander

Plus Nevada regulators approve billionaire who has been under investigation by the Securities and Exchange Commission, suggesting no news is good news.

Early Belmont Stakes Odds 2022

Early Belmont Stakes Odds 2022

It's almost impossible to know which horses will run in June's Belmont Stakes, but there are at least some early numbers and a field to speculate.