Ballys Corporation has finalized its adjusted “Dutch auction” tender offer. The offer, concluding on July 22, 2022, witnessed stockholders tendering an aggregate of 4,697,619 shares of common stock at a value of $22.00 per share or lower. This number is marginally below the initial outcomes declared on July 25th.
Notwithstanding the small difference, Bally’s has embraced all tendered shares, leading to a comprehensive acquisition cost of $103,347,618, excluding charges and expenditures associated with the offer. This constitutes roughly 8.9% of Bally’s outstanding common stock.
The somewhat reduced shareholder involvement, compared to projections, implies Bally’s will obtain a marginally smaller fraction of its own stock than originally planned. No allocation was required as the firm accepted all shares tendered at or beneath the $22.00 price level.
The primary financial consultant for the acquisition bid is Goldman Sachs. Collaborating as co-financial consultants are First Capital Securities, Truist Securities, and Wells Fargo Securities.
In June of 2022, Bally’s declared this tender offer as a method to repurchase up to 19% of its issued stock.
