In the middle of last week, Churchill Downs and Youbet.com announced the following:
- "the outside date for termination of their merger agreement providing for the acquisition of Youbet by CDI has been automatically extended, in accordance with the terms of the merger agreement, from May 11, 2010 to February 11, 2011, in order to grant the parties additional time to satisfy the mutual condition to closing, relating to the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”)."
- "Although no assurances can be given as to the timing for the closing of the merger, both companies continue to expect the merger to close in the second quarter of 2010."
Then, on Friday, we had more news from Churchill:
- "Churchill Downs Incorporated and MI Developments Inc. today announced that the joint venture TrackNet Media Group (“TrackNet Media”), originally formed between CDI and Magna Entertainment Corp. (“MEC”), will be dissolved. CDI and MID’s wholly owned subsidiary MI Developments Investments Inc. will remain partners in HorseRacing TV™ (HRTV)."
Now, we may just be one step closer to DoJ approval and subsequent fruition. Let's see.
Disclosure: long UBET.
© 2010 Jeffrey Walkenhorst
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