Bally's jumps in premarket trade on Standard General offer

Bally's

25/01/2022 14:26

** Bally's Corp  BALY.N  shares up 23.9% in premarket trade 
    ** Casino operator disclosed in an SEC filing https://amers2.apps.cp.thomsonreuters.com/apps/AdvFilings/#/view/63534202/pdf/docId
 it had received a letter from Standard General proposing the
purchase of all outstanding shares not currently owned by
Standard General for $38 per share 
    ** According to the filing, Standard General expects Bally's
Board of Directors to appoint a special committee of independent
directors to consider the proposal and make a recommendation to
the Board
    ** In addition, Standard General says 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 its affiliates" 
    ** Bally's shares closed on Mon at $29.23, down 23.2% YTD
after falling 24.2% in 2021
    ** On Friday, Jefferies cut price target on Bally's to $54,
from $63; median analyst price target is $60, per Refintiv data
    **  Among the 8 analysts that cover Bally's Corp, the
breakdown of recommendations are 6 "strong buy" or "buy," 2
"hold" ratings, according to Refinitiv data

 (Reporting by Chuck Mikolajczak)
 ((charles.mikolajczak@tr.com; @ChuckMik;))