Key Developments For Youbet.com, Inc.
Youbet.com, Inc. (UBET.O) (Consolidated Issue listed on NASDAQ Capital Market)
Law Offices of Brian M. Felgoise, P.C. Announces Investigation Of Youbet.com, Inc.
The Law Offices of Brian M. Felgoise, P.C. announced an investigation into possible breaches of fiduciary duty and violations of state law, among other things, in connection with a proposed acquisition of Youbet.com, Inc., by Churchill Downs, Inc. The investigation is focused on whether the proposed deal provides adequate value to The Company`s shareholders.
Finkelstein Thompson LLP Announces Investigation Of Youbet.com, Inc.'s Intent to Merge With Churchill Downs, Inc.
Finkelstein Thompson LLP announced that it is investigating potential claims on behalf of shareholders of Youbet.com, Inc. arising from the Company's announcement of its intent to merge with Churchill Downs, Inc. (Churchill). Under the terms of the proposed agreement, Youbet shareholders will receive a fixed ratio of 0.0598 shares of Churchill common stock plus $0.97 in cash for each share of Youbet common stock they own. The transaction represents an implied per-share value of approximately $2.84 for each Youtube share and is valued at approximately $126.8 million. The investigation is focused on the potential unfairness of the price to Youbet shareholders and the process by which the Youbet Board of Directors considered and approved the transaction. Less than four months ago, Youbet stock closed at $3.91 per share.
Kendall Law Group Investigates Youbet.com, Inc. For Shareholders
Youbet.com, Inc. announced that Kendall Law Group began an investigation on behalf of the Company shareholders. The investigation concerns possible breaches of fiduciary duties in the proposed acquisition of the Company by Churchill Downs Incorporated. On November 11, 2009, it was announced that Churchill will acquire the Company in a $126.8 million cash and stock transaction. The agreement is subject to possible future adjustment to ensure that the transaction does not require Churchill to issue more than 19.6% of its outstanding common stock prior to the transaction. According to the agreement, shareholders will receive $0.97 in cash and 0.0598 Churchill common stock for each share of the Company common stock owned, which is $2.84 value based on the closing price of Churchill on the day before the announcement. Since the Company shares were trading at $3.08 as recently as August 2009 and as high as $3.91 in July 2009, the firm is investigating whether the consideration to be paid to shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of the Company. The investigation also concerns whether the directors and special committee members may have breached their fiduciary duties by not acting in the shareholders' interests in connection with the sale process.
Law Office of Brodsky & Smith, LLC Announces Investigation On Behalf Of Shareholders Of Youbet.com, Inc.
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Youbet.com, Inc. relating to the proposed acquisition by Churchill Downs, Inc. (Churchill). Churchill has agreed to acquire YouBet in a cash and stock deal valued at approximately $126.8 million. Under the proposed agreement, YouBet shareholders will receive approximately $2.84 per share based on a fixed ratio of 0.0598 Churchill common shares and $0.97 in cash for every share of YouBet common stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the YouBet Board's approval of the proposed merger. The transaction appears to be unfair, in part, given that YouBet stock was trading at $3.71 a share as recently as August 3, 2009 and was trading at $3.50 a share on June 25, 2009.
Wolf Haldenstein Investigates Youbet.com, Inc. Proposed Acquisition
Attorney Advertising. The law firm of Wolf Haldenstein Adler Freeman & Herz LLP is investigating possible breaches of fiduciary duty by the Board of Directors of Youbet.com, Inc. arising out of the proposed acquisition of Youbet.com by Churchill Downs Incorporated (Churchill).
