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Old 06-02-2010, 05:24 PM   #1
fasteddy
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Churchill Downs Completes Merger With Youbet

LOUISVILLE, Ky., Jun 2, 2010 (GlobeNewswire via COMTEX) -- Churchill Downs Incorporated ("CDI") (CHDN 32.85, +0.81, +2.53%) announced today that it has completed its merger with Youbet.com, Inc. (UBET 2.48, +0.14, +5.98%) .

"We are happy to now be able to move forward and continue the development of new technology-enabled features and services that Youbet.com and TwinSpires.com customers want, and that can attract new customers to racing," said Robert L. Evans, CDI President and Chief Executive Officer. "In a recent survey we conducted, we learned that 34 percent of new TwinSpires.com accounts were established by people who say they have never wagered on thoroughbred racing previously. We find that an exciting development for racing and for the future growth of our online wagering business."

As a result of the merger, each share of Youbet.com common stock was converted into the right to receive 0.0591 shares of CDI stock and $0.99 in cash. After the new shares are issued, CDI will have 16.48 million shares outstanding. CDI issued approximately 2.70 million shares and paid approximately $45.26 million in cash to the Youbet.com stockholders in connection with the merger. Youbet.com stock will no longer trade on the NASDAQ Capital Market and will be delisted.

Also effective upon the completion of the merger, CDI's Board of Directors appointed Michael Brodsky as a Class III director to serve until the 2011 annual meeting of shareholders, increasing the size of the Board of Directors to fourteen members. Mr. Brodsky will also serve on the Board's Executive Committee and Strategic Planning Committee.

Effective immediately, Rohit Thukral, CDI's Executive Vice President of Technology Initiatives and President of TwinSpires.com, will assume the leadership role for Youbet.com and begin the integration of TwinSpires.com and Youbet.com. Ben Murr, the current Chief Information Officer of CDI, will assume the role as president of United Tote. Ben Murr's replacement as CDI's Chief Information Officer will be made at a later date.

The merger does not change any services available to Youbet.com or TwinSpires.com customers. Customers of both Youbet.com and TwinSpires.com may continue to use their existing account number, username, password and PIN. Customers will continue to be able to access their favorite features and functions, free handicapping data, race replays and live streaming video.

Source: MarketWatch
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Old 06-02-2010, 06:48 PM   #2
porkchop
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I use both, and have been kind of excited that this merger might bring something new or interesting to either service.

Guess not, it appears that everything will stay the same for now.
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Old 06-02-2010, 09:13 PM   #3
porkchop
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for anyone interested, this is the email that CDI sent out today:

Quote:
As you may have already heard, Churchill Downs Incorporated recently announced the closing of the acquisition of Youbet.com.

The closing of this acquisition will not impact the way that you currently use TwinSpires.com. You can continue to use TwinSpires.com exactly as you have been. Your account number and username, your password and PIN, telephone numbers, the free Brisnet.com handicapping information, free race replays and the free live video, in high definition where available, will all remain exactly as they are today.

The combined entity plans to bring together the best features of both platforms and accelerate the development and introduction of new features and services that you want. Features like the following already introduced by TwinSpires.com:
TwinSpiresTV
Conditional wagering
Wager cancellation
No fee options for wagering services, deposits and withdrawals
High-Definition live race video (where available)
Free Bloodstock Research Information Services (BRIS) handicapping data
Handicapping contests and other online promotions
Players' Pools
TwinSpires Mobile including iPhone and iPad live streaming video.
Also, we are very excited to leverage Youbet.com's long history of online wagering innovation to improve your TwinSpires.com experience.

If you have any questions related to the Youbet.com acquisition, you can learn more by visiting our FAQ or by emailing player.services@twinspires.com with your questions.

Thank you for being a TwinSpires.com Player and we look forward to continuing our relationship with you.
Rohit Thukral
President, TwinSpires.com
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