Ballys Corporation Announces Preliminary Results of Dutch Auction Tender Offer

Ballys Corporation, an organization operating in the gaming and hospitality sectors, has announced preliminary outcomes of its tender offer to repurchase a portion of its outstanding shares. This procedure, known as a “Dutch auction,” allowed investors to tender their holdings at a price within a predetermined range. Bally’s established a maximum price of $22.00 per share.

As of July 22nd, 2022, it appears that approximately 4,858,465 shares were tendered at or below the $22.00 threshold. This indicates that Bally’s will likely expend around $106,886,230 to acquire these shares.

Significantly, this constitutes roughly 9.2% of Bally’s total outstanding stock. Given that they are repurchasing less than 10%, it is improbable that any shareholder seeking to sell their shares will be unsuccessful.

Note that these figures are not definitive. Awaiting the official tally and verification will be necessary.

Bally Corporation reaffirmed its legal authorization to repurchase shares both publicly and privately. Stockholders who opt to sell their holdings back to Bally may receive equivalent, superior, or inferior pricing compared to those engaging in the tender offer.

The corporation presently holds $334.6 million allocated for stock repurchases.

Previously, in June 2022, Bally put forth a tender offer aiming to acquire 19% of its issued shares.