Bally Corporation just concluded its adjusted “Dutch auction” tender bid, aiming to repurchase a portion of its own equity. It appears shareholders responded favorably to the proposition. Although the definitive figures are pending, preliminary data suggests they will acquire approximately 4,858,465 shares at a cost of $22.00 per share. This equates to roughly $106,886,230 worth of stock, excluding any associated fees or expenditures related to the offer. This constitutes about 9.2% of the company’s issued shares. Given the direct purchase from investors, anticipate no fresh shares introduced to the public market. The final count of the buyback will be available upon completion of all procedures with the custodian institution.
Bali Corporation issued a notice to shareholders, reminding them of the company’s authority to repurchase its stock. These repurchases, conducted either publicly or privately as legally permitted, may occur with terms equal to, more favorable than, or less favorable than their recent tender offer, contingent upon market dynamics and specific negotiation outcomes.
For this initiative and other shareholder return programs, the corporation has allocated $334.6 million.
This announcement comes after Bali Corporation’s tender offer in June 2022, aiming to acquire 19% of its publicly held shares.
