Standard General has submitted a proposal to acquire the outstanding shares of common stock in Bally’s Corporation for a price of $15.00 per share.
This is subject to the Board of Directors' approval, who are likely to appoint a special committee of independent directors to consider the proposal and put forward a recommendation.
Even if the special committee doesn't recommend the proposal or the public stockholders do not approve the transaction, Standard General says it will likely remain a long-term stockholder of the company.
Standard General is Bally’s largest stockholder with an equity interest which represents around 23% of the outstanding shares.
This offer is said to be a “significant premium,” amounting to 41% to Bally’s closing share price on Friday.
Back in January 2022, Standard General made a non-binding preliminary proposal to acquire all outstanding shares of Bally’s, with the offer at the time being at a much higher price of $38.00 per share. This offer was rejected, with the operator’s preference to initiate a cash tender offer for its shares.
Soo Kim, Bally’s Chairman and Founding Partner of Standard General, who wrote the email containing the information regarding this proposal, won the American Executive of the Year 2021 at the Global Gaming Awards in Las Vegas.
In other company news, last week Bally’s launched its Bally Bet mobile sportsbook in Indiana and a retail sportsbook at Bally’s Evansville casino.
