{"id":3917,"date":"2024-11-20T00:12:54","date_gmt":"2024-11-20T01:12:54","guid":{"rendered":"http:\/\/restaurace-pohoda.eu\/?p=3917"},"modified":"2024-12-12T13:34:57","modified_gmt":"2024-12-12T13:34:57","slug":"ballys-investors-approve-standard-general-takeover","status":"publish","type":"post","link":"http:\/\/restaurace-pohoda.eu\/index.php\/2024\/11\/20\/ballys-investors-approve-standard-general-takeover\/","title":{"rendered":"Bally\u2019s Investors Approve Standard General Takeover"},"content":{"rendered":"

Bally\u2019s (NYSE: BALY) announced Tuesday that its shareholders approved a previously announced takeover by Standard General, the hedge fund that\u2019s the biggest investor in the regional casino operator.<\/p>\n

\"Bally's\"
Standard General founder Soo Kim. The hedge fund\u2019s takeover of Bally\u2019s was approved by investors. (Image: Meet AC\/Casino.org<\/em>)<\/figcaption><\/figure>\n

In March, Standard General, which is controlled by Bally\u2019s Chairman Soo Kim, floated a $15 per share<\/a> takeover offer. That was upped to $18.25 a share<\/a>, which the regional casino operator accepted in July. The March offer arrived 26 months after the hedge fund attempted to acquire the gaming company in January 2022, offering $38 a share<\/a> at that time.<\/p>\n

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The merger agreement has been adopted by the affirmative vote of the holders of a majority of the outstanding shares of the Company\u2019s common stock as of the October 21, 2024 record date for the Special Meeting and the affirmative vote of the holders of a majority of the holders of the outstanding shares of the Company\u2019s common stock as of such record date,\u201d according to a statement issued by Bally\u2019s.<\/p>\n<\/blockquote>\n

The Rhode Island-based casino operator said the affirmative vote did not include shares controlled by Standard General, Sinclair Broadcasting, Noel Hayden \u201cand certain executive officers and a director of the company.\u201d<\/p>\n

Bally\u2019s Will Remain Publicly Traded<\/h2>\n

The closing date of the transaction is expected to be at some point in the first half of 2025, and in a unique though not unheard of twist, Bally\u2019s will remain a publicly traded entity, meaning Standard General isn\u2019t taking it private in the traditional sense.<\/p>\n

\n

Typically, when a private company acquires a publicly traded firm, the target\u2019s shares are ultimately delisted.\u00a0 However, Bally\u2019s investors have the option to get \u201crolling company shares,\u201d which will remain available on the open market.<\/p>\n<\/div>\n

The company said there will be a period of time in which its ticker will be \u201cBALY.T\u201d before reverting back to \u201cBALY,\u201d adding that the New York Stock Exchange (NYSE) will remain the listing venue for the stock.<\/p>\n

\u201cAt the Company Effective Time, the Rolling Company Shares will remain outstanding, and it is expected that such shares will revert to the original \u2018BALY\u2019 ticker symbol,\u201d according to the press release. \u201cThe Rolling Company Shares will remain registered with the SEC and is expected to continue trading on the NYSE or another securities exchange in the United States, based on applicable listing requirements.\u201d<\/p>\n

Regulatory Issues Not Expected<\/h2>\n

It\u2019s likely that Bally\u2019s and Standard General will be able to adhere to the aforementioned closure timeline because no federal regulatory pushback<\/a> is expected.<\/p>\n

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Currently, the gaming operator runs 15 casinos in 10 states, and regulators in those jurisdictions will likely have some say about when the deal closes. The positive for Bally\u2019s and Standard General in terms of expediting state-level review is that the buyer isn\u2019t another gaming company, meaning there are limited competitive threats for state gaming boards to consider.<\/p>\n<\/div>\n

The Queen Casino & Entertainment Inc., an affiliate of the hedge fund, is the entity that\u2019s buying Bally\u2019s.<\/p>\n

The post Bally\u2019s Investors Approve Standard General Takeover<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE: BALY) announced Tuesday that its shareholders approved a previously announced takeover by Standard General, the hedge fund that\u2019s the biggest investor in the regional casino operator. Standard General founder Soo Kim. The hedge fund\u2019s takeover of Bally\u2019s was approved by investors. (Image: Meet AC\/Casino.org) In March, Standard General, which is controlled by Bally\u2019s…<\/p>\n","protected":false},"author":1,"featured_media":3919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"_links":{"self":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3917"}],"collection":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/comments?post=3917"}],"version-history":[{"count":2,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3917\/revisions"}],"predecessor-version":[{"id":3920,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3917\/revisions\/3920"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media\/3919"}],"wp:attachment":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media?parent=3917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/categories?post=3917"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/tags?post=3917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}