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Bally’s forms committee to assess $2bn takeover bid

| By Richard Mulligan
Bally’s Corporation has formed an independent special committee to assess the $2bn (£1.48bn/€1.77bn) takeover bid submitted last month by hedge fund Standard General.

In an announcement to the New York Stock Exchange, Bally’s said the special committee of independent and disinterested directors is authorised to evaluate the preliminary, non-binding proposal from the New York-based investment firm as well as any potential strategic alternatives to the proposal.

Standard General’s bid, which was submitted on 25 January, offers to acquire all of the outstanding shares of Bally’s that it does not already own for $38.00 in cash per share. This would price Bally’s as a whole at $2.07bn.

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