Ballys Corporation recently disclosed preliminary outcomes from their adjusted “Dutch auction” tender offer, concluding on July 22, 2022. The company is repurchasing its own equity! Shareholders presented a substantial quantity of stock at values reaching $22 per share, and Bally’s is eager to acquire them. This aggregates approximately 4.86 million shares, representing around 9.2% of the company’s ownership. This repurchase will expend roughly $106.9 million, excluding any associated expenses. The ultimate share count may undergo minor adjustments as the process reaches completion.
The Indonesian island of Bali has verified its intention to repurchase its own stock, through both public and private channels, as permitted by regulations. Stockholders who opt to sell their holdings back to Bali could receive an equivalent, more favorable, or less favorable price compared to those participating in the tender offer.
Presently, the entity has allocated $334.6 million for such endeavors.
The tender offer, initially declared in June 2022, seeks to acquire 19% of the company’s outstanding shares.
