Bally’s publishes final ‘Dutch auction’ tender offer results

Bally’s Corporation has published the final results of its modified ‘Dutch auction’ tender offer, after the offer expired on 22 July 2022.

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According the depositary for the tender offer, the American Stock Transfer & Trust Company stated: “A total of 4,697,619 common shares were validly tendered at or below the final purchase price of $22.00 per share and not validly withdrawn, including shares that were tendered through notice of guaranteed delivery.”

The final count comes in at slightly lower than represented in preliminary results published on 25 July, where American Stock Transfer & Trust reported a total of 4,858,465 validly tendered common shares.

Bally's has accepted 4,697,619 common shares for purchase, at the purchase price of $22.00 per share, for an aggregate purchase price of $103,347,618, excluding offer-related fees and expenses. These shares represent around 8.9% of Bally's outstanding common shares.

These figures differ slightly from the expected results published in the preliminary report, where Bally’s expected to accept payment and purchase of approximately 4,858,465 common shares; for an aggregate purchase price of $106,886,230, representing approximately 9.2% of Bally’s outstanding common shares.

As expected, there is no proration factor, given that Bally's accepted for purchase all shares that were validly tendered at or below the purchase price and not validly withdrawn.

Goldman Sachs acted as the lead dealer manager for the tender offer, with Capital One Securities, Truist Securities and Wells Fargo Securities acting as co-dealer managers.

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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