Bally's Enters Into Merger Agreement With Standard General L.P., Will Acquire The Company's Outstanding Shares For $18.25 Per Bally's Share
Portfolio Pulse from Benzinga Newsdesk
Bally's Corporation (NYSE:BALY) has entered into a merger agreement with Standard General L.P., where Standard General will acquire Bally's outstanding shares for $18.25 per share, a 71% premium over the 30-day volume weighted average price. Bally's stockholders can choose to receive cash or retain their shares through a rollover election. The transaction values Bally's at approximately $4.6 billion.
July 25, 2024 | 12:02 pm
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Bally's Corporation (NYSE:BALY) will be acquired by Standard General L.P. for $18.25 per share, representing a 71% premium over the 30-day volume weighted average price. Stockholders can choose to receive cash or retain their shares through a rollover election.
The acquisition price of $18.25 per share is significantly higher than the recent trading price, which is likely to drive the stock price up in the short term. The option for stockholders to retain their shares also provides flexibility, potentially stabilizing the stock price.
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