Bally’s Corporation has published the preliminary results of its tender offer that ended July 22. The business previously announced plans to buy its common shares for cash at a price per share, ranging between $19.25 and $22.00 per share.
The tender offer was structured in a Dutch auction format, with the amount involved not exceeding an aggregate purchase price of $190m.
According to the preliminary count by American Stock Transfer & Trust Company, LLC, more than 4.8 million common shares were validly tendered within the previously established price range. More than 2.1 million common shares were tendered via a notice of guaranteed delivery, accounting for nearly half of the preliminary total.
The company said in a statement: “Bally's expects to accept for payment and purchase approximately 4,858,465 common shares at a purchase price of $22.00 per share, for an aggregate purchase price of $106,886,230, excluding fees and expenses relating to the tender offer.”
Bally’s said the preliminary number of shares reported is subject to change. The company said its initial figure is “subject to confirmation by the depositary, and is based on the assumption that all shares tendered through notice of guaranteed delivery will be delivered within the two-trading day settlement period.”
Bally’s Corporation recently signed a purchase agreement to invest $5m in Snipp Interactive. The company is expected to own close to 9% of Snipp’s common and outstanding shares, once the investment deal is complete Bally’s will receive a license for the SnippLOYALTY software program for a three-year term.
The company will implement Snipp’s software across its online and physical properties. The first two deployments are expected to begin during the second quarter of this year.
