Endorsement for Youbet, Churchill Downs merger
Youbet.com shareholders have voted to approve a merger with Churchill Downs Inc.
The tie-up was pending various regulatory approvals and other conditions last month, but CDI and Youbet.com said they expect it to close in the second quarter. Once approved, Churchill Downs would control a large part of the advance deposit wagering market in the United States.
The deal calls for Youbet.com shareholders to receive 0.0598 of a share of CDI stock and 97 cents in cash for each Youbet.com share they own. The stock/cash exchange ratio is subject to adjustment in order to ensure the transaction doesn’t overly dilute CDI’s stock.