Bally’s Corporation shareholders have approved the company’s merger with The Queen Casino & Entertainment, a portfolio company majority-owned by Standard General, Bally’s largest shareholder.
Bally’s shareholders, including unaffiliated shareholders, voted in favour of the merger agreement during a special meeting held on 19 November.
Shares held by Standard General, Sinclair Broadcast Group, and certain company executives were ineligible to vote at the meeting.
The offer, which was tabled in March and accepted by the operator in July, will see the hedge fund acquire Ballys’ outstanding shares for $18.25 per share, representing a 71 per cent premium on the operator’s 30-average share price from 8 March.
Once the merger has been completed, Bally’s will remain a publicly listed company, and those shareholders who have opted to retain their shares will see their shares temporarily traded under the ticker symbol BALY.T on the New York Stock Exchange.
This allows those shares to remain active during and after the merger process. Once the merger is finalised, the shares will return to the company’s original BALY ticker symbol.
Bally’s expects the merger to be completed during the first half of 2025, subject to regulatory approvals and other customary closing conditions.
Shares in Bally’s Corporation (NYSE:BALY) gained 0.34 per cent to close at $17.86 per share in New York Tuesday.