Bally’s Corporation has announced the final results of its modified “Dutch auction” tender offer, where it has spent just over $103.3m on buying back 4,697,619 common shares.
Expiring at midnight ET on July 22, the tender offer’s final count was done by its depositary, the American Stock Transfer & Trust Company.
In a statement, Bally’s has declared that “4,697,619 common shares were validly tendered at or below the final purchase price of $22.00 per share and not validly withdrawn, including shares that were tendered through notice of guaranteed delivery”.
Per the tender offer’s terms and conditions, Bally’s has accepted a total of 4,697,619 common shares – around 8.9% of the company’s outstanding common shares – at the purchase price of $22.00 per share for an aggregate purchase price of $103,347,618, excluding fees and expenses.
There is no proration factor since Bally’s accepted for purchase all shares validly tendered at a purchase price at or below $22.00 per share and not validly withdrawn. The depositary will promptly pay for all shares accepted for purchase.
In the future, Bally’s may choose to make share repurchases again on the open market or in private transactions, subject to applicable law. These repurchases may have the same terms or terms more or less favorable to the selling shareholders than the terms of the tender offer.
For the offer, Goldman Sachs & Co LLC acted as the lead dealer manager. Capital One Securities Inc, Truist Securities Inc, and Wells Fargo Securities LLC were co-dealer managers. MacKenzie Partners Inc served as the information agent and American Stock Transfer & Trust Company acted as the depositary.
Earlier this month, Bally Bet launched its online sportsbook in New York, becoming the ninth and final operator to go live with its offering in the Empire State.
The New York online sports betting market has been live since January this year, but Bally’s delayed its launch in the state due to uncertainty regarding the company’s governance structure.