On March 11, 2024, Standard General Delivered A Non-Binding Letter To The Board Of Directors Of Bally's Proposing A Transaction Under Which It Would Acquire All Of The Outstanding Shares Of Common Stock For $15/Share, Not Currently Owned By The Company
Portfolio Pulse from Benzinga Newsdesk
On March 11, 2024, Standard General proposed to acquire all outstanding shares of Bally's (BALY) not already owned by them for $15/share. The proposal is subject to approval by a special committee and a majority of non-affiliated shareholders. No assurance of transaction completion.
March 11, 2024 | 1:37 pm
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Standard General proposes to acquire all outstanding Bally's shares not owned by them for $15/share, pending special committee and shareholder approval.
The proposal from Standard General to acquire the remaining shares of Bally's at $15/share represents a significant event that could lead to a change in ownership structure. The requirement for approval by a special committee and a majority of non-affiliated shareholders adds uncertainty, but the announcement itself could lead to positive investor sentiment in the short term, potentially driving up the stock price.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100