On July 22nd, 2022, Bally Corporation concluded its adjusted “Dutch auction” tender offer, aiming to repurchase a portion of its own stock. Participating investors presented close to 4.7 million shares at or below $22.00 per share. Bally opted to acquire all offered shares, totaling an expenditure of $103 million.
Preliminary figures suggested a potential buyback of nearly 4.9 million shares. However, the final count settled slightly lower. Nevertheless, this repurchase constitutes almost 9% of Bally Corporation’s total shares available in the market.
The primary financial consultant for this acquisition bid is Goldman Sachs. Collaborating as co-advisors are First Capital Securities, Truist Securities, and Wells Fargo Securities.
Bally’s initially declared their purchase proposal in June of 2022, aiming to reacquire a maximum of 19% of their publicly held stock.
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