Standard General offers to buy all outstanding Bally’s shares for $15 per share

On March 11, Standard General delivered a non-binding letter to the board of directors of the company proposing a transaction under which it would acquire all of the outstanding shares of common stock not currently owned by Standard General at a price of $15.00 per share. A filing states: “Standard General expects that the Board of Directors of the Company will appoint a special committee of independent directors to consider its proposal and make a recommendation to the Board of Directors. Standard General will not move forward with the transaction unless it is approved by such a special committee. In addition, the transaction will be subject to a non-waivable condition requiring the approval of holders of a majority of the shares of the Company not owned by Standard General or parties affiliated with Standard General. No assurances can be given that a transaction will be consummated. The Proposal Letter provides that no legally binding obligation with respect to a transaction will exist unless and until mutually acceptable definitive documentation has been executed and delivered with respect thereto.” The filing shows that Standard General owns 23.2% of Bally’s shares.