The total would be payable in cash, Bally’s capital stock, or a combination of both, with any deal set to terminate the previously announced agreement to sell Allied to Element Partners. In January 2021, Allied agreed to sell its poker-related business - including the World Poker Tour - to Element for $78.3m.
Allied said its board of directors will evaluate the proposal from Bally’s in due course, adding that it continues to discuss any potential updates to the current terms of the agreement with Element.
“At this time, the company’s board of directors continues to recommend to the company’s stockholders the approval of the transaction with Element,” a statement from Allied read.
“The company has filed with the SEC and mailed to its stockholders a Consent Solicitation Statement in connection with the Element transaction.”
If approved by the company’s stockholders, the transaction with Element is expected to close on 30 March 2021.
“There can be no assurance that the company will enter into a definitive agreement with Bally’s or consummate any transaction with Bally’s,” Allied added.