What Happened:
Shares of gaming, betting and entertainment company Bally’s Corporation (NYSE:BALY)
jumped 27.1% in the morning session after the company announced that hedge fund Standard General proposed acquiring all outstanding shares it doesn’t already own for $15 each, representing a 41% premium to the closing price on March 8, 2024.
Standard General is Bally’s largest stockholder, with a 23% ownership. If it succeeds, Standard General plans to allow stockholders to roll over their shares into the equity of the post-closing company. The proposed transaction is subject to approval by Bally’s Board of Directors.
Is now the time to buy Bally’s? Find out by reading the original article on StockStory.
What is the market telling us:
Bally’s’s shares are very volatile and over the last year have had 38 moves greater than 5%. But moves this big are very rare even for Bally’s and that is indicating to us that this news had a significant impact on the market’s perception of the business.
Bally’s is down 0.8% since the beginning of the year, and at $13.34 per share it is trading 31.7% below its 52-week high of $19.52 from March 2023. Investors who bought $1,000 worth of Bally’s’s shares at the IPO in March 2019 would now be looking at an investment worth $445.24.
Read the full article here
