Ballys Incorporated recently concluded its adjusted “Dutch auction” tender bid, repurchasing a portion of its own equity. Although marginally below initial forecasts, they successfully acquired almost 4.7 million shares at a price of $22.00 per share. This amounted to slightly over $103 million and constitutes approximately 8.9% of the company’s publicly held shares. Prorating was not necessary as they accepted all shares tendered at or below the $22.00 threshold.
The primary financial consultant for this acquisition bid is Goldman Sachs. Collaborating as co-advisors are First Capital Securities, Truist Securities, and Wells Fargo Securities.
Initially revealed in June 2022, Bally’s Corporation positioned this proposal as a method to repurchase up to 19% of its publicly held shares.
