A special committee has been established by Bally's to assess the proposal from New York-based hedge fund Standard General to purchase the remaining shares of the company for $15 (£11.73/€13.73) each.
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Currently, Bally's share price is $14.08, a gain of 33.46% over Friday's NYSE closing price, due to Standard General's non-binding offer, which was disclosed in a US Securities and Exchange Commission (SEC) 13D filing.
In addition to the 25% that the hedge fund currently holds, the newly formed special committee will assess Standard General's bid to purchase all of the existing shares of common stock. In addition to reviewing the plan, the committee assembled by Bally consisting of "independent and disinterested directors" would examine any possible strategic alternatives.
There is "no assurance" that the offer would be accepted or that any transaction will be implemented, according to Bally's statement that announced the committee.
An additional bite of the Standard General apple from Bally's
In January of 2022, Standard General offered to purchase Bally's for $38 per share.
Once again, Standard General has made a full takeover proposal for Bally's with this fresh offer. It had earlier tried to acquire the firm in January 2022 for $38 per share. Hedge funds reportedly placed a 50% lower value on Bally's than they did two years ago, according to the latest offer.
As stated in the offer letter: "The proposed transaction would be subject to the approval of the board of directors of the company and the negotiation and execution of mutually acceptable definitive transaction documents."
With Friday's closing price of $10.55 on the New York Stock Exchange, Bally was trading at a 41% premium to the $15/share offer. The overall market capitalisation of the company exceeds $600 million. Monday saw a 25.24 percent increase in Bally stock price to $13.30 following the disclosure of the offer. As of this writing on Tuesday, one share of Bally is worth $14.08, a 33.46% increase from its closing price on Friday.
Balancing 2023 for Bally's
Upon Lee Fenton's departure as CEO of Bally in March 2023, robeson reeves took over.
Bally's had a roller coaster year in 2023, with the price dropping from Standard General's initial offer in 2022 to reflect the company's ongoing net loss. The total operating expenses for the year 2023 dropped 8.7 percent to $2.34 billion.
This resulted in a pre-tax loss of $167.6m, an increase from $454.5m in 2022, after deducting $289.7m in miscellaneous expenses. Yet, in 2023, adjusted EBITDA dropped 3.9% to $527.3m.
Several significant advancements occurred for Bally's in 2023. Announcing a 15% reduction in its North American interactive workforce in January, the business sought to minimise costs. Then word got out that the company running the Bally-branded TV sports networks, Diamond Sports Group, was getting close to insolvency.
Nevertheless, following the March appointment of new chief executive Robeson Reeves, Bally's prognosis improved as 2023 progressed.
One notable event was when Bally contracted Kambi and White Hat Gaming to manage its sports betting technology stack. Additionally, Bally's entered the UK igaming market in September when it launched a Bally-branded online casino on Gamesys's Megaways Casino platform.
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