Bally’s Corporation (NYSE: BALY) announced today that it has entered into a definitive merger agreement pursuant to which Standard General L.P., the Company’s largest common stockholder, will acquire the Company’s outstanding shares for $18.25 per Bally’s share.
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.
The transaction values Bally’s at approximately $4.6 billion in enterprise value.
Bally’s CEO Robeson Reeves, said, “Our team is well positioned to continue to execute on our initiatives to drive growth across all our segments including in our International Interactive business, North America Interactive and our Casinos & Resorts (“C&R”) segments, while proceeding with our development pipeline, including construction of our permanent casino resort in Chicago, for which we recently announced a comprehensive financing plan.”
BALY shares catapulted $3.26, or 24.1%, to $16.79.
