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Bally’s releases ‘Dutch auction’ tender offer preliminary results

Bally’s Corporation has published preliminary results from its modified ‘Dutch auction’ tender offer, which expired on 22 July 2022.

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According to a preliminary count by the depositary for the tender offer, the American Stock Transfer & Trust Company: “a total of 4,858,465 common shares were validly tendered at or below the purchase price of $22.00 per share and not validly withdrawn, including 2,143,640 common shares that were tendered through notice of guaranteed delivery.”

Bally’s expects to accept payment and purchase of approximately 4,858,465 common shares, at a price of $22.00 per share, for an aggregate purchase price of $106,886,230; excluding tender offer-related fees and expenses.

These shares represent around 9.2% of Bally’s outstanding common shares. The company expects no proration factor, as it “expects to accept for payment all shares validly tendered at or below the purchase price of $22.00 and not validly withdrawn.”

The number of shares that are expected to be purchased in the tender offer is subject to change, with preliminary information subject to confirmation by the depositary.

The final number of shares to be purchased in the offer is to be announced following the expiration of the guaranteed delivery period, and the depository finalising the confirmation process.

Bally’s confirmed that it may decide to make share repurchases on the open market or in private transactions, subject to relevant law. These repurchases may be on the same or more or less favourable terms to selling shareholders than the terms of the tender offer.

The company currently has $334.6m available under its capital return programme.

Bally’s announced the tender offer in June 2022, as the company sought to repurchase up to 19% of its issued and outstanding shares.


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