{"id":200530,"date":"2022-02-04T11:06:46","date_gmt":"2022-02-04T19:06:46","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=200530"},"modified":"2022-02-04T14:05:57","modified_gmt":"2022-02-04T22:05:57","slug":"ballys-board-committee-to-examine-standard-general-takeover-bid","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/","title":{"rendered":"Bally’s Board Forms Committee to Mull Standard General Takeover Offer"},"content":{"rendered":"

Bally’s (NYSE:BALY) said it has formed a special committee to evaluate the recent takeover offer made by hedge fund Standard General, the casino operator’s largest shareholder.<\/p>\n

\"Bally's\"
Standard General and founder Soo Kim wants to acquire Bally’s. The gaming company said its board formed a committee to evaluate the bid. (Image: Meet AC\/Casino.org<\/em>)<\/figcaption><\/figure>\n

Standard General is controlled by Soo Kim<\/a>, a member of Bally\u2019s board. Last week, the investment firm filed an acquisition bid valuing the gaming company at $38 a share<\/a>, or just over $2 billion. In a Form 13\/D filing with the Securities and Exchange Commission (SEC), Standard General says it will not pursue the deal unless it’s approved by a special committee.<\/p>\n

There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed, or that any transaction will be consummated,\u201d<\/strong> said Bally’s in a statement announcing the formation of the committee.<\/p><\/blockquote>\n

The group mulling the proposals is comprised of \u201cindependent and disinterested directors,\u201d implying Kim isn’t on the committee.<\/p>\n

Other Interesting Tidbits in Bally’s Takeover Situation<\/h2>\n

While Bally’s stock rallied in the wake of the Standard General acquisition proposal, it hasn’t reached the $38 a share offer price.<\/p>\n

Some analysts believe the hedge fund’s offer is more of a starting point<\/a> than a final bid, and that’s possible the price tag moves higher. It’s also been noted that Gamesys investors may not be thrilled by the current terms of the Standard General offer.<\/p>\n

\n

When Bally’s acquired the UK-based online gaming company last year, some Gamesys investors opted to accept equity in the buyer when the stock was trading north of $50. That could be a sign they won’t be in favor of an acquisition proposal that values Bally’s at a price that’s significantly below their stakes.<\/p>\n<\/div>\n

Lee Fenton is Bally\u2019s chief executive officer. He previously held that job at Gamesys. Like Standard General\u2019s Kim, Fenton is also a Bally\u2019s director.<\/p>\n

The $38 per share offer is also well below the almost $58 consensus price target on the stock, and about half the 52-week high.<\/strong><\/p>\n

Could Another Offer Emerge?<\/h2>\n

It remains to be seen if Kim ups the Standard General offer. Likewise, it’s not immediately clear if another suitor will emerge for Bally’s.<\/p>\n

\n

The board of directors did, however, say it will evaluate \u201cany potential strategic alternatives to the proposal.\u201d With a market capitalization of $1.86 billion, Bally’s is easily digestible for any number of potential suitors, and if an offer is credible, the board would be compelled to consider it.<\/p>\n<\/div>\n

Bally’s operates 14 casinos in 10 states<\/a> and owns the real estate of most of those venues, potentially making it more attractive to outside buyers. The company also owns a deep portfolio of digital gaming, sports wagering, fantasy sports, and technology assets that could be alluring to buyers seeking vertical integration and bolster their profiles in the internet gaming space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally’s (NYSE:BALY) said it has formed a special committee to evaluate the recent takeover offer made by hedge fund Standard General, the casino operator’s largest shareholder. Standard General is controlled by Soo Kim, a member of Bally\u2019s board. Last week, the investment firm filed an acquisition bid valuing the gaming company at $38 a share, […]<\/p>\n","protected":false},"author":46,"featured_media":200531,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\nBally's Board Committee To Examine Standard General Takeover Bid<\/title>\n<meta name=\"description\" content=\"Bally's board of directors starts special committee to evaluate Standard General acquisition offer.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Board Committee To Examine Standard General Takeover Bid\" \/>\n<meta property=\"og:description\" content=\"Bally's board of directors starts special committee to evaluate Standard General acquisition offer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-04T19:06:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-04T22:05:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/KIM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/\",\"name\":\"Bally's Board Committee To Examine Standard General Takeover Bid\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/KIM.jpg\",\"datePublished\":\"2022-02-04T19:06:46+00:00\",\"dateModified\":\"2022-02-04T22:05:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's board of directors starts special committee to evaluate Standard General acquisition offer.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-board-committee-to-examine-standard-general-takeover-bid\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/KIM.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/KIM.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Standard General and founder Soo Kim want to acquire Bally's. 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