Bally’s completes second rollover election period for shareholders
The election period is connected to Bally’s impending merger with The Queen Casino & Entertainment, which was announced on November 20, 2024.
Key Points
- Shareholders were given an opportunity to vote on whether their shares would remain outstanding after the merger is completed
- Bally’s stated that nearly 18m shares of common stock held by existing company shareholders will remain outstanding when the merger is finalized
Bally’s Corporation has completed its second rollover election period, which presented shareholders with the opportunity to vote on whether their shares would remain outstanding following the company’s impending merger with The Queen Casino & Entertainment.
Stockholders voted to approve plans for the merger on November 19, 2024, which will see the operator merge with The Queen Casino & Entertainment, a portfolio company majority-owned by Standard General LP.
Bally’s stated that the closing of the transaction is anticipated to occur in the first quarter of 2025 and remains subject to regulatory approvals and customary closing conditions. The operator also said that, following the completion of its two election periods, nearly 18m shares of common stock held by existing Bally’s shareholders will remain outstanding once the merger is finalized.
Pending completion of the merger, shares subject to the election periods will then trade on the New York Stock Exchange under “BALY.T,” while shares of common stock that remain outstanding will revert to the operator’s original trading symbol.
Good to know: Bally’s Chicago announced an IPO and parallel private placement of its equity ownership interest to help raise additional funds for the development of its new casino and resort project on December 30
As a result of the two election periods, approximately 48.4m total pro forma shares of common stock will be outstanding immediately upon completion of the merger along with warrants to acquire approximately 11.6m shares of common stock.
Stockholders and warrant holders of The Queen Casino & Entertainment will be issued approximately 30.5m shares of Bally’s common stock as part of the agreement.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
