, a Woodland Hills-based online-betting site for horse racing, completed its acquisition of privately held United Tote Co. for approximately $31.9 million, plus the assumption of about $14.7 million of United Tote secured debt, to add wagering services and terminals for racetracks. The adjusted purchase price is less than the original purchase price of $34.2 million, announced on Dec. 1. The acquisition of United Tote is expected to be accretive to Youbet's fiscal 2006 operating results.
The deal included exchanging 2.2 million shares of Youbet.com common stock, valued at $5.50 per share, plus $8.7 million from its cash reserves, $10.2 million in unsecured promissory notes and $1 million from the purchase escrow account previously funded by Youbet.
- Jamdat Mobile Inc. said its shareholders approved the L.A.-based mobile game maker's $680 million sale to Electronic Arts Inc. Stockholders will receive $27 in cash for each Jamdat share they own following the closing of the transaction, which is expected at the end of the month. Jamdat has already received regulatory approval for the deal.
- Activision Inc. announced a licensing agreement with Hasbro Inc. to develop console, handheld and PC video games based on Hasbro's Transformers brand. The first game will be tied to the July 4, 2007, movie release of the live-action Transformers film from DreamWorks Pictures and Paramount Pictures. Transformers has been one of the best-selling boys' brands in toys, publishing and apparel since its launch as a global property in 1984, Hasbro said in a statement.
- American Overseas Air Freight agreed to be acquired by Green Bay, Wis.-based company Schneider Logistics Inc. Terms of the all-stock transaction were not disclosed. Ron Barker, president of American Overseas, will continue to lead the El Segundo-based international freight forwarder once the acquisition is finalized. Closing of the purchase agreement is expected to occur within the next 45 days. American Overseas, which also has operations in Carson, San Diego and San Francisco, will retain its name and will conduct business as a wholly owned subsidiary of Schneider Logistics.
- Adams Rite Manufacturing Co. signed an agreement to be acquired by Stockholm, Sweden-based Assa Abloy AB, one of the world's largest lock makers. Terms of the transaction were not disclosed. The Pomona-based aluminum door hardware manufacturer specializing in mechanical and electrical security products has approximately $50 million in annual sales and 300 employees. Assa said it expects the transaction to be accretive to earnings as soon as it completed.
- Image Entertainment Inc. subsidiary Egami Media Inc. signed an agreement to have its digital content distributed through Google Video's recently launched online video store, which allows consumers to rent or download to own content. Egami's current offerings include live concerts from the bands Kiss and The Moody Blues, comedy programs from National Lampoon, documentaries from QD3 Entertainment , historic cinema from Film Preservation Associates and programming originally shot in the IMAX format from MacGillivray Freeman Films. Egami said it will work closely with Google Video to maximize sales.
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