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.
  • Photo Via Company

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