Casino chain Bally’s set to examine buyout offer
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Casino operator Bally’s Corp. has taken steps to examine a buyout offer from its largest stockholder.
Bally’s, which is buying the Tropicana hotel-casino on the Strip, announced Thursday that its board formed a “special committee of independent and disinterested directors” that is authorized to evaluate New York investment firm Standard General’s offer to acquire shares it doesn’t already own for $38 apiece.
Soohyung Kim, managing partner of Standard General, is chairman of Bally’s board.
“There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated,” Bally’s said in a news release Thursday.
Kim submitted his firm’s buyout offer to the board Jan. 25, saying it represented a 30 percent premium to the stock’s closing price the day before.
Rhode Island-based Bally’s announced last April that it was acquiring the 1,470-room Tropicana in a deal valued at about $308 million.
The sale is expected to close this year.
