The gambling dot-com, based in Burbank, Calif., reported sales of $109 million last year. 11, the day the cash-and-stock deal was announced.īalch didn’t say in his lawsuit what he considers a fair price. The price for Louisville, Ky.-based Churchill Downs was a 28 percent premium on Nov. The deal is “designed to take advantage of ’s stockholders who are vulnerable from disappointing reversals in the equity markets,” the filing said. An angry shareholder is suing to take the $126.8 million merger between online gambling company and the Kentucky Derby venue off-track.įor a month, Churchill Downs has had a proposal on the table to pay $2.86 a share for, which offers Internet betting services for more than 180 racetracks and live track video.īut investor Raymond Balch, a investor, claims in a Delaware lawsuit that the price “is unfair and grossly inadequate.”
