Bally’s Corporation has received a major boost as its shareholders approved the $4.6 billion acquisition bid from Standard General. The green light from investors paves the way for the transformational deal, signaling a new chapter for the gaming and entertainment company under Standard General’s leadership
Bally’s Corporation shareholders have formally approved the company’s merger with The Queen Casino & Entertainment, a portfolio company predominantly owned by Standard General, Bally’s largest stakeholder.
During a special meeting held on November 19, Bally’s shareholders-including unaffiliated investors-voted in favor of the merger agreement. It’s important to note that shares held by Standard General, Sinclair Broadcast Group, and select company executives were excluded from voting.
The merger agreement, initially proposed in March and accepted in July, entails the hedge fund acquiring all outstanding Bally’s shares at $18.25 per share. This price reflects a substantial 71% premium based on the operator’s 30-day average share price as of March 8.
Following completion, Bally’s will continue as a publicly traded entity. Shareholders who choose to retain their holdings will see their shares temporarily traded under the ticker symbol BALY.T on the New York Stock Exchange. This ensures ongoing liquidity during the merger process. Once finalized, trading will revert to the original BALY ticker.
Bally’s anticipates the merger will close in the first half of 2025, subject to customary regulatory approvals and closing conditions.
On the latest trading day in New York, shares of Bally’s Corporation (NYSE: BALY) edged up 0.34%, closing at $17.86 per share
