\n
When Bally’s acquired the UK-based online gaming company last year, some Gamesys investors opted to accept equity in the buyer when the stock was trading north of $50. That could be a sign they won’t be in favor of an acquisition proposal that values Bally’s at a price that’s significantly below their stakes.<\/p>\n<\/div>\n
Lee Fenton is Bally\u2019s chief executive officer. He previously held that job at Gamesys. Like Standard General\u2019s Kim, Fenton is also a Bally\u2019s director.<\/p>\n
The $38 per share offer is also well below the almost $58 consensus price target on the stock, and about half the 52-week high.<\/strong><\/p>\nCould Another Offer Emerge?<\/h2>\n
It remains to be seen if Kim ups the Standard General offer. Likewise, it’s not immediately clear if another suitor will emerge for Bally’s.<\/p>\n
\n
The board of directors did, however, say it will evaluate \u201cany potential strategic alternatives to the proposal.\u201d With a market capitalization of $1.86 billion, Bally’s is easily digestible for any number of potential suitors, and if an offer is credible, the board would be compelled to consider it.<\/p>\n<\/div>\n
Bally’s operates 14 casinos in 10 states<\/a> and owns the real estate of most of those venues, potentially making it more attractive to outside buyers. The company also owns a deep portfolio of digital gaming, sports wagering, fantasy sports, and technology assets that could be alluring to buyers seeking vertical integration and bolster their profiles in the internet gaming space.<\/p>\n","protected":false},"excerpt":{"rendered":"Bally’s (NYSE:BALY) said it has formed a special committee to evaluate the recent takeover offer made by hedge fund Standard General, the casino operator’s largest shareholder. Standard General is controlled by Soo Kim, a member of Bally\u2019s board. Last week, the investment firm filed an acquisition bid valuing the gaming company at $38 a share, […]<\/p>\n","protected":false},"author":46,"featured_media":200531,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\n
Bally's Board Committee To Examine Standard General Takeover Bid<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n