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Bally's Stockholders to Receive $18.25 per Share in Cash, Representing a 71% Premium to the Company's 30-day Volume Weighted Average Price Prior to the Initial Standard General Proposal
Bally's Special Committee Unanimously Recommended and Board of Directors Approved the Transactions and the Per Share Cash Merger Consideration
In Lieu of Receiving the Per Share Cash Merger Consideration, Bally's Stockholders Can Elect to Remain Invested in the Company via Rollover Election
Bally's to be Combined with The Queen Casino & Entertainment
Bally's Corporation ("Bally's" or the "Company") (NYSE:BALY) announced today that it has entered into a definitive merger agreement (the "Merger") pursuant to which Standard General L.P. ("Standard General"), the Company's largest common stockholder, will acquire the Company's outstanding shares for $18.25 per Bally's share (the "Cash Consideration"). The price represents a 71% premium over the Company's 30-day volume weighted average price per share as of March 8, 2024, the last trading day before the public disclosure of Standard General's initial cash acquisition proposal of $15.00 per share. In lieu of receiving the Cash Consideration, Bally's stockholders may elect to retain all or a portion of their Bally's stock by means of a rollover election. Bally's stockholders electing to retain all or a portion of their Bally's investment will continue as stockholders of the Combined Company (as defined below). The transaction values Bally's at approximately $4.6 billion in enterprise value. The Combined Company will remain a publicly traded registrant under the Securities Act of 1934.
Posted In: BALY
