Bally’s launches tender offer to buy back up to nearly 19% of its stock

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Shares of Bally’s Corp. BALY, +9.22% jumped 7.4% in premarket trading Friday, after the casino and entertainment company said it has launched a tender offer to repurchase it shares at prices between $19.25 and $22.00. The company had determined that the company should launch a tender offer of $190 million, “in light of recent capital markets changes.” If the tender offer is fully subscribed, the company expects to buyback between 16.4% to 18.8% of its outstanding shares, depending on the determined purchase price. Standard RI Ltd., the company’s largest shareholder with about a 21.7% stake in the company, and Bally’s directors and executive officers have not yet decided on whether they will tender any of their shares. The stock, which closed last week (June 16) at a two-year low, has plunged 50.4% year to date through Thursday, while the S&P 500 SPX, +3.06% has dropped 20.4%.

This article was originally published by Marketwatch.com. Read the original article here.

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