Why Bally's Shares Are Surging Today

Bally's Corp BALY has launched a modified "Dutch auction" tender offer to purchase its common shares for cash at not less than $19.25/share and not more than $22/share, with a maximum purchase price of $190 million.
The tender offer begins today and will end on July 22, 2022.
Bally's determined to pursue the $190 million tender offer in light of recent capital market changes. It anticipates returning cash to shareholders in the future.
If fully subscribed, common shares representing 16.4% - 18.8% of Bally's issued and outstanding shares will be purchased.
BALY intends to fund the purchase of shares and to pay the fees and expenses in connection with the offer with cash on hand and existing financial resources.
Bally's held cash and equivalents of $160.78 million as of March 31, 2022.
Price Action: BALY shares are trading higher by 6.62% at $20.12 during the premarket session on Friday.
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