Bally’s Corporation (NYSE: BALY)
Nationally recognized shareholder rights firm Julie & Holleman LLP is investigating the proposed $18.25 per share buyout of Bally’s Corporation (NYSE: BALY) by the company’s largest shareholder, private equity firm Standard General L.P.
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Additional Information:
Bally’s is a global casino-entertainment company with a growing omni-channel presence, managing 15 casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. The company’s largest shareholder is Standard General, which has maintained a more than 25% stake for several years.
On July 25, 2024, Bally’s announced that it had entered into an agreement to be acquired by Standard General for $18.25 per share in cash, which values the company at approximately $4.6 billion.
Julie & Holleman, whose attorneys have helped secure hundreds of millions of dollars for shareholders, is concerned about the inadequate deal price. The $18.25 per share deal price is less than the recent Bally’s recent trading prices. Julie & Holleman is also concerned about conflicts of interest—Standard General is squeezing out public shareholders while retaining for itself the company’s massive potential. Indeed, certain investors have expressed that Standard General is taking advantage of short-term market conditions to buy the company at a steap discount to its intrinsic value.