Bally's jumps after offer to buy up to $190M shares in tender offer

Jun. 24, 2022 8:15 AM ETBally's Corporation (BALY)By: Shweta Agarwal, SA News Editor1 Comment
  • Bally's (NYSE:BALY) announced Friday it has started a Dutch auction tender offer to purchase up to $190M of its shares in cash.
  • The casino-entertainment company told these shares will be purchased at a price to be determined within the range of $19.25 to $22 each. That would represent about 16.4% to 18.8% outstanding shares repurchased, once the offer is fully subscribed.
  • Cash on hand and existing financial resources, including borrowings under its revolving credit facility, if required, is to be used to fund the transaction.
  • The tender offer is set to expire at 12 AM ET, at the end of the day on July 22, 2022.
  • Stock is up 7% in premarket trading.
  • Also Read: Recession fears sweep over travel and leisure stocks

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