Bally’s Corporation has announced that its stockholders have approved the company’s definitive merger agreement with The Queen Casino & Entertainment Inc (Queen), a portfolio company majority-owned by Standard General LP.
Earlier this year in July, Bally’s entered into a definitive merger agreement with Standard General, its largest stockholder, which will acquire the company’s outstanding shares for $18.25 per share.
In a statement on its website, the company said that its stockholders approved the merger at a special meeting held on 19th November, in addition to “compensation that may or will become payable by Bally’s to its named executive officers in connection with the transactions contemplated by the merger agreement” on a non-binding advisory basis.
The statement read: “The merger agreement has been adopted by the affirmative vote of the holders of a majority of the outstanding shares of the Company’s common stock as of the October 21, 2024 record date for the Special Meeting and the affirmative vote of the holders of a majority of the holders of the outstanding shares of the Company’s common stock as of such record date, excluding those held by Standard General L.P., Sinclair Broadcast Group, Inc., Noel Hayden and certain executive officers and a director of the company.
“Stockholders who validly elected to have their Company shares remain issued and outstanding following the Company merger (Rolling Share Election) as of 5:00 p.m. ET today (November 19, 2024), will be assigned a new CUSIP number and their shares will continue to be traded on the New York Stock Exchange (NYSE) under the new ticker symbol “BALY.T” (Rolling Company Shares), prior to the effective time of the Company merger (Company Effective Time).”
Bally’s also noted that it has the right to open one or more new Rolling Share Election periods before the Company Effective Time, subject to special committee approval, adding that it will file a form/report with the US Securities and Exchange Commission (SEC) to notify stockholders of any such additional election period and the related deadlines and procedures.
The statement concluded: “At the Company Effective Time, the Rolling Company Shares will remain outstanding, and it is expected that such shares will revert to the original “BALY” ticker symbol. The Rolling Company Shares will remain registered with the SEC and is expected to continue trading on the NYSE or another securities exchange in the United States, based on applicable listing requirements.
“Closing of the transactions contemplated by the merger agreement is anticipated to occur in the first half of 2025 and remain subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions.
“A final report on the results of the Special Meeting will be made on a Form 8-K to be filed with the SEC.”
Earlier this month, Bally’s published its Q3 2024 financial results, reporting growth for its UK and North American online operations, but a drop in overall revenue and International Interactive revenue compared to the same period the previous year.
