Bally’s announces rollover election period for stockholders
The decision to adopt the merger between Bally’s and The Queen Casino & Entertainment Inc was approved at a Bally’s Special Meeting on November 19.
Key Points
- The rollover election period provides an opportunity for stockholders to remain invested in Bally’s instead of receiving the per share cash merger consideration
- The new election opportunity will be available from December 11, 2024 until January 17, 2025
Bally’s Corporation has announced the opening of a new rollover election period to provide an opportunity for stockholders to remain invested in the company instead of receiving the per share cash merger consideration from its agreement with The Queen Casino & Entertainment Inc.
At a Bally’s Special Meeting of Stockholders on November 19, 2024, the company announced mergers and related transactions surrounding the merger agreement were approved by Bally’s stockholders.
As required by the terms of the merger agreement, the Special Committee approved the company’s decision to open a new election period. Merger transactions are expected to be completed in the first half of 2025, subject to regulatory approvals and the satisfaction of other closing conditions.
The terms of the deal state that Standard General will acquire Bally’s outstanding shares for $18.25 per share, with Bally’s then being combined with The Queen Casino & Entertainment.
To support the merger, Standard General has obtained $500m of the committed financing.
Good to know: Bally’s announced the company’s financial results for the third quarter of 2024 on November 6, reporting a small decrease in consolidated revenue and a net loss of nearly $247.9m
“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 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,” Bally’s CEO Robeson Reeves said of the agreement.
The new rollover election opportunity will be available from December 11, 2024 until January 17, 2025 for stockholders.
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