Casino operator Bally's to be bought by top investor in $4.6 bln deal
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July 25 (Reuters) - Bally's Corporation has agreed to be acquired by its largest stockholder, Standard General, in a deal that values the casino and gaming company at $4.6 billion, Mines including debt.
The hedge fund already owns nearly 23% stake and has agreed to pay $18.25 per share in cash for the rest of the shares, a premium of about 35% to the company's last closing price.
Shares of Bally's jumped nearly 26% in premarket trading.
After the deal, Bally's will combine with the Queen Casino & Entertainment (QC&E), a regional casino operator majority-owned by funds managed by Standard General.
"The addition of the complementary QC&E assets builds upon the Company's attractive growth profile," said Soo Kim, chairman at Bally's and managing partner at Standard General.
Standard General made an offer to acquire the remaining stake in March for $15 per share.
The final agreement comes at a significant discount to the hedge fund's first offer of $38 per share in 2022.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Arun Koyyur)
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The hedge fund already owns nearly 23% stake and has agreed to pay $18.25 per share in cash for the rest of the shares, a premium of about 35% to the company's last closing price.
Shares of Bally's jumped nearly 26% in premarket trading.
After the deal, Bally's will combine with the Queen Casino & Entertainment (QC&E), a regional casino operator majority-owned by funds managed by Standard General.
"The addition of the complementary QC&E assets builds upon the Company's attractive growth profile," said Soo Kim, chairman at Bally's and managing partner at Standard General.
Standard General made an offer to acquire the remaining stake in March for $15 per share.
The final agreement comes at a significant discount to the hedge fund's first offer of $38 per share in 2022.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Arun Koyyur)
If you loved this write-up and you would certainly like to get additional details relating to Mines (https://telegra.ph) kindly check out our web-page.
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