Casino operator Bally's to be bought by top investor in $4.6 bln deal
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July 25 (Reuters) - Bally's Corporation has agreed to be acquired by its largest stockholder, Standard General, in a deal that values the casino and Crazy Time 1WIN gaming company at $4.6 billion, online show including debt.
The hedge fund already owns nearly 23% stake and has agreed to pay $18.25 per share in cash for the rest of the shares, a premium of about 35% to the company's last closing price.
Shares of Bally's jumped nearly 26% in premarket trading.
After the deal, Bally's will combine with the Queen Casino & Entertainment (QC&E), a regional casino operator majority-owned by funds managed by Standard General.
"The addition of the complementary QC&E assets builds upon the Company's attractive growth profile," said Soo Kim, Crazy Time 1WIN chairman at Bally's and managing partner at Standard General.
Standard General made an offer to acquire the remaining stake in March for $15 per share.
The final agreement comes at a significant discount to the hedge fund's first offer of $38 per share in 2022.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Arun Koyyur)
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The hedge fund already owns nearly 23% stake and has agreed to pay $18.25 per share in cash for the rest of the shares, a premium of about 35% to the company's last closing price.
Shares of Bally's jumped nearly 26% in premarket trading.
After the deal, Bally's will combine with the Queen Casino & Entertainment (QC&E), a regional casino operator majority-owned by funds managed by Standard General.
"The addition of the complementary QC&E assets builds upon the Company's attractive growth profile," said Soo Kim, Crazy Time 1WIN chairman at Bally's and managing partner at Standard General.
Standard General made an offer to acquire the remaining stake in March for $15 per share.
The final agreement comes at a significant discount to the hedge fund's first offer of $38 per share in 2022.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Arun Koyyur)
If you cherished this article and you would like to acquire more info concerning Crazy Time 1WIN nicely visit the web-page.
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