Bally’s Corporation shareholders have approved the company’s merger with The Queen Casino & Entertainment, a portfolio company majority-owned by Bally’s largest shareholder, Standard General.
In July, Bally’s accepted a $4.6bn acquisition offer from Standard General, with the hedge fund acquiring the company’s outstanding shares for $18.25 per share. The price represents a 71% premium over Bally’s 30-day average share price from 8 March, the last trading day prior to a previous offer from Standard General of $15.
During a special meeting [Tuesday], Bally’s stockholders, including unaffiliated shareholders, strongly supported the merger agreement, securing the required majority vote.
Shares held by Standard General, Sinclair Broadcast Group, and certain company executives were excluded from the vote.
