{"id":14194,"date":"2024-11-20T12:21:40","date_gmt":"2024-11-20T12:21:40","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=14194"},"modified":"2024-11-20T12:21:40","modified_gmt":"2024-11-20T12:21:40","slug":"ballys-investors-give-the-green-light-to-takeover-from-standard-general","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/","title":{"rendered":"Bally\u2019s Investors Give the Green Light to Takeover from Standard General"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2024\/05\/ballys.jpg\" alt=\"Bally&#039;s\" width=\"300\" class=\"alignright size-full wp-image-14017\" title=\"Bally\u2019s Investors Give the Green Light to Takeover from Standard General \" \/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>Bally\u2019s shareholders have approved the acquisition by Standard General.<\/li>\n<li>Standard General previously proposed two takeover offers, increasing their bid to $18.25 per share after an initial $15 offer.<\/li>\n<li>The acquisition will keep Bally\u2019s listed on the NYSE and is set to finalize in 2025.<\/li>\n<\/ul>\n<p>New York Stock Exchange-listed <strong><a href=\"https:\/\/www.legitgambling.com\/news\/ballys-corporation-could-become-world-poker-tours-new-owner\/\">Bally\u2019s Corporation<\/a><\/strong> has received the approval of its shareholders for a proposed acquisition by Standard General. The latter is the hedge fund that represents Bally\u2019s largest investor. <\/p>\n<p>This decision was announced after a special meeting of shareholders, moving the deal one step closer to completion.<\/p>\n<h2>Not the First Takeover Attempt <\/h2>\n<p>Earlier this year, in March, Standard General, led by <strong>Bally\u2019s Chairman Soo Kim<\/strong>, made an initial acquisition proposal at $15 per share. <\/p>\n<p><strong>By July, the offer had been increased to $18.25 per share<\/strong>, a bid that Bally\u2019s accepted. <\/p>\n<p>However, this was not Standard General\u2019s first attempt to take over the company. The New York City-based hedge fund that oversees assets for institutional investors, high-net-worth individuals, and employees <strong>had previously made an offer of $38 per share in January 2022<\/strong>, 26 months before the latest proposal.<\/p>\n<p>A recent statement issued by Bally\u2019s explained that the <\/p>\n<blockquote><p>merger agreement has been adopted by the affirmative vote of the holders of a majority of the outstanding shares of the Company\u2019s common stock as of the October 21, 2024 record date for the Special Meeting<\/p><\/blockquote>\n<blockquote><p>affirmative vote of the holders of a majority of the holders of the outstanding shares of the Company\u2019s common stock<\/p><\/blockquote>\n<p>The approval did not involve shares controlled by Standard General itself, Sinclair Broadcasting, Noel Hayden, or \u201c<em>certain executive officers and a director of the company<\/em>\u201d. <\/p>\n<h2>No Status Change <\/h2>\n<p>An unusual aspect of this acquisition is that Bally\u2019s will continue to be listed on the stock exchange. <\/p>\n<p>Most takeovers by private entities result in the delisting of the target company\u2019s stock, but Bally\u2019s shareholders can choose to hold \u201crolling company shares\u201d that remain publicly traded.<\/p>\n<p>Initially, the ticker symbol will change to \u201cBALY.T\u201d but will eventually revert to \u201c<a href=\"https:\/\/www.nyse.com\/quote\/XNYS:BALY\">BALY<\/a>,\u201d as per the company&#8217;s announcement. <\/p>\n<p>The stock will remain listed on the NYSE.<\/p>\n<h2>No Regulatory Hurdles Expected  <\/h2>\n<p>The acquisition is anticipated to finalize within the first half of 2025, with little expectation of regulatory hurdles. Since Standard General is not another gaming entity, there are few competitive concerns for state regulators. <\/p>\n<p>Bally\u2019s currently operates 15 casinos across 10 <a href=\"https:\/\/www.legitgambling.com\/us\/states\">US states<\/a>, and state-level regulators will have a say in the final approval. <\/p>\n<p>However, since the acquirer isn\u2019t a competing gaming company, the likelihood of any significant state opposition is minimal.<br \/>\nThe acquisition is being conducted through Queen Casino &#038; Entertainment Inc., an affiliate of Standard General.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Bally\u2019s shareholders have approved the acquisition by Standard General. Standard General previously proposed two takeover offers, increasing their bid to $18.25 per share after an initial $15 offer. The acquisition will keep Bally\u2019s listed on the NYSE and is set to finalize in 2025. New York Stock Exchange-listed Bally\u2019s Corporation has received the approval [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,2,1],"tags":[],"class_list":["post-14194","post","type-post","status-publish","format-standard","hentry","category-finance","category-legislation","category-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bally\u2019s Investors Give the Green Light to Takeover from Standard General<\/title>\n<meta name=\"description\" content=\"Bally\u2019s Corporation has received the approval of its shareholders for its acquisition by its largest investor, Standard General; the company will continue to stay listed on the NYSE.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally\u2019s Investors Give the Green Light to Takeover from Standard General\" \/>\n<meta property=\"og:description\" content=\"Bally\u2019s Corporation has received the approval of its shareholders for its acquisition by its largest investor, Standard General; the company will continue to stay listed on the NYSE.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-20T12:21:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2024\/05\/ballys.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"380\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Petar Markoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@petarbejbi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Petar Markoski\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/\"},\"author\":{\"name\":\"Petar Markoski\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/8f8796850357d24b6e9bde1117a32fc7\"},\"headline\":\"Bally\u2019s Investors Give the Green Light to Takeover from Standard General\",\"datePublished\":\"2024-11-20T12:21:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/\"},\"wordCount\":457,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/ballys.jpg\",\"articleSection\":[\"Finance\",\"Legislation\",\"USA\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/\",\"name\":\"Bally\u2019s Investors Give the Green Light to Takeover from Standard General\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/ballys.jpg\",\"datePublished\":\"2024-11-20T12:21:40+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/8f8796850357d24b6e9bde1117a32fc7\"},\"description\":\"Bally\u2019s Corporation has received the approval of its shareholders for its acquisition by its largest investor, Standard General; the company will continue to stay listed on the NYSE.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/ballys.jpg\",\"contentUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/ballys.jpg\",\"width\":380,\"height\":250,\"caption\":\"Bally's\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/\",\"name\":\"\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/8f8796850357d24b6e9bde1117a32fc7\",\"name\":\"Petar Markoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/02\\\/petar-markoski.jpg\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/02\\\/petar-markoski.jpg\",\"contentUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/02\\\/petar-markoski.jpg\",\"caption\":\"Petar Markoski\"},\"description\":\"Petar is the finance guru, if you need a good investment this is the guy you go to! Working majority of his days in the finance sector as trader, he has gathered plenty of insight on binary options and the forex markets\",\"sameAs\":[\"https:\\\/\\\/x.com\\\/petarbejbi\"],\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/author\\\/petar-markoski\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bally\u2019s Investors Give the Green Light to Takeover from Standard General","description":"Bally\u2019s Corporation has received the approval of its shareholders for its acquisition by its largest investor, Standard General; the company will continue to stay listed on the NYSE.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/","og_locale":"en_US","og_type":"article","og_title":"Bally\u2019s Investors Give the Green Light to Takeover from Standard General","og_description":"Bally\u2019s Corporation has received the approval of its shareholders for its acquisition by its largest investor, Standard General; the company will continue to stay listed on the NYSE.","og_url":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/","article_published_time":"2024-11-20T12:21:40+00:00","og_image":[{"width":380,"height":250,"url":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2024\/05\/ballys.jpg","type":"image\/jpeg"}],"author":"Petar Markoski","twitter_card":"summary_large_image","twitter_creator":"@petarbejbi","twitter_misc":{"Written by":"Petar Markoski"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/#article","isPartOf":{"@id":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/"},"author":{"name":"Petar Markoski","@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/8f8796850357d24b6e9bde1117a32fc7"},"headline":"Bally\u2019s Investors Give the Green Light to Takeover from Standard General","datePublished":"2024-11-20T12:21:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/"},"wordCount":457,"commentCount":0,"image":{"@id":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2024\/05\/ballys.jpg","articleSection":["Finance","Legislation","USA"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/","url":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/","name":"Bally\u2019s Investors Give the Green Light to Takeover from Standard General","isPartOf":{"@id":"https:\/\/www.legitgambling.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/#primaryimage"},"image":{"@id":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2024\/05\/ballys.jpg","datePublished":"2024-11-20T12:21:40+00:00","author":{"@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/8f8796850357d24b6e9bde1117a32fc7"},"description":"Bally\u2019s Corporation has received the approval of its shareholders for its acquisition by its largest investor, Standard General; the company will continue to stay listed on the NYSE.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legitgambling.com\/news\/ballys-investors-give-the-green-light-to-takeover-from-standard-general\/#primaryimage","url":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2024\/05\/ballys.jpg","contentUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2024\/05\/ballys.jpg","width":380,"height":250,"caption":"Bally's"},{"@type":"WebSite","@id":"https:\/\/www.legitgambling.com\/news\/#website","url":"https:\/\/www.legitgambling.com\/news\/","name":"","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legitgambling.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/8f8796850357d24b6e9bde1117a32fc7","name":"Petar Markoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/petar-markoski.jpg","url":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/petar-markoski.jpg","contentUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/petar-markoski.jpg","caption":"Petar Markoski"},"description":"Petar is the finance guru, if you need a good investment this is the guy you go to! Working majority of his days in the finance sector as trader, he has gathered plenty of insight on binary options and the forex markets","sameAs":["https:\/\/x.com\/petarbejbi"],"url":"https:\/\/www.legitgambling.com\/news\/author\/petar-markoski\/"}]}},"_links":{"self":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts\/14194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/comments?post=14194"}],"version-history":[{"count":0,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts\/14194\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/media?parent=14194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/categories?post=14194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/tags?post=14194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}