Bally’s forms committee to evaluate Standard General’s $2.07bn offer
The investment firm’s co-founder Soohyung Kim offers to buy the remaining 20% shares of the casino and gambling operator, which he does not possess each for $38 cost. The company now owns the largest shares of Bally’s. It’s worth mentioning that Kim has also been the chairman of Bally’s since 2016.
Bally’s announces that impartial and unbiased people are involved in the committee. They will review alternative options in addition to the offer’s assessment.
The casino provider also reports that the approval of any offer or signature of any contract it’s not likely.
Soohyung Kim commented on:
“We have been involved in the company’s performance and have a clear understanding of its assets and culture. So, we are able to easily complete the transaction. We tend to fund the deal via sale and lease back agreements”.
Kim further ensured that the relationships with Bally’s will not suffer if its stakeholders don’t agree on the deal or the committee does not advise to complete the transaction.
Bally’s possesses 14 casinos in ten countries, with 5000+ accommodation rooms together with over 15,800 slot machines and 500 table games.
Kim also highlighted that the offer shows only interest, and they are able to take it back any time.