Bally’s snaps up shares worth $106.8m in stock buyback
| By Marese O'Hagan
Bally’s has announced the preliminary results of its modified “Dutch auction” tender, which saw 4,858,465 common shares validity tendered at or below $22 (£18.23/€21.48) per share, at an aggregate purchase price of $106.8m.
The shares represent 9.2% of Bally’s total outstanding common shares, with the tender concluding at midnight on 22 July, having begun on 24 June. It originally planned to buy up almost a fifth (18.8%) of its common shares.
The preliminary count was taken by the depository for the tender offer, the American Stock Transfer & Trust Company. Out of the total shares, 2,143,640 were tendered through notice of guaranteed delivery.