Kessler Topaz is investigating claims on behalf of current stockholders of Bally's Corporation (“Bally’s) (NYSE: BALY) related to its recent announcement that it has entered into a potential sale of Bally’s to its largest shareholder, Standard General L.P. (“Standard General”).
Standard General owns about 26.4% of the company and its Founding Partner, Soohyung Kim, has been Chairman of the Board since December 2019. On March 11, 2024, Standard General offered to acquire all outstanding shares of Bally’s common stock for $15 per share. Standard General has indicated that it is willing to allow stockholders to roll-over all or a portion of their Bally’s shares into equity of the post-closing company. The Board of Directors has formed a special committee of purportedly independent and disinterested directors to evaluate the proposal, and Standard General has indicated that it will not proceed with a transaction that is not approved by the special committee and a majority of the shares held by other shareholders.
Our investigation is focused on whether Standard General’s offer greatly undervalues Bally’s and that its willingness to permit rollovers could create conflicts of interest among the directors and officers of the company.
If you have any questions or would like to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com, or fill out the form below.