Ballys Corporation concluded its adjusted “Dutch auction” tender offer, finalizing on July 22, 2022. The company is repurchasing a portion of its own shares.
The final tally is complete, with the company acquiring a total of 4,697,619 common stock shares at a price of $22.00 per share or lower. This figure includes shares committed through guaranteed delivery notifications.
Interestingly, this final number is slightly less than the preliminary results announced on July 25th, which initially suggested a larger stock buyback.
In essence, Ballys Corporation is disbursing $103,347,618 to reacquire these shares, representing approximately 8.9% of their outstanding common stock.
It’s worth noting that all shareholders who offered their shares at or below the $22.00 threshold had their shares repurchased, eliminating the need for any allocation complexities.
The premier financial consultant for Authentic Brands Group’s purchase of the footwear and clothing firm Bally is Goldman Sachs. Acting as co-advisors are First Capital, Truist Securities, and Wells Fargo Securities.
In June 2022, Authentic Brands Group proposed repurchasing up to 19% of its issued shares.
