M&A

January 25, 2022

Hedge Fund Rolls the Dice on Bally’s Deal 🎲

Shares of global casino and racetrack company Bally’s surged 23% today after one of the company’s biggest shareholders, Standard General, offered to buy the rest of the company for $38/share, or $2.07 billion. ⚡ 🎲

Standard General, a hedge fund owned by Bally Chairman Soohyung Kim, is not currently Bally’s majority stakeholder, so the $2.07 billion deal will require approval by other stakeholders. However, given the close association, this deal stands fair odds to close after its leadership (including Kim) considers its potential ramifications.

What is Bally’s? Bally’s was the entertainment company in the 20th century known for the Six Flags amusement park chain and popular video games like “Pac Man” or “Space Invaders.” 👾 Hilton Worldwide Holdings Inc. bought Bally’s in 1996, and Hilton’s casino segment was purchased by Harrah’s Entertainment in 2005. Harrah’s renamed the casino biz Caesars Entertainment.

During the pandemic, Twin River Worldwide acquired Bally’s from Caesars and renamed the brand Bally’s Corp. Now that we’ve come full circle, Bally’s could be absorbed by the company’s chairman in a bizarre bid to give a hedge fund some perceived alpha. 😅

Related Articles

Related Articles

Walgreens Booted To The Curb

January 4, 2024

Read more in the WSJ.

Learn More About...

You Might Also Enjoy

Earnings

December 21, 2023

C-Letter Companies’ Great Day

It’s a slower week in the markets, so it was slightly interesting that all of today’s top earnings movers seemed to start with the letter C. Let’s quickly recap their results. 👍

First up is Carnival Cruises, which reported another quarter of record results. The company’s adjusted loss per share of $0.07 beat expectations for a $0.13 loss, while a revenue jump of 40.60% to $5.397 billion topped the expected $5.295 billion. That was driven by a 54.70% increase in passenger-ticket revenue ($35.10 billion) and a 20.10% jump in other revenue ($1.886 billion). 🛳️

Read It

Company News

December 28, 2023

Chinese Smartphone Maker Unveils EV

Chinese smartphone giant Xiaomi is entering the highly competitive electric vehicle (EV) market, revealing its first electric car this weekend. 👀

The consumer electronics company unveiled its SU7 sedan, which it says it spent more than $1.4 billion to develop. The vehicle is set to roll out in China next year and is attempting to do something Faraday Future and other competitors have failed to do: create a software-focused vehicle that matches the technology people find in their phones to what’s happening in their cars. 

Read It

Stocks

January 11, 2024

Microsoft Briefly Overtakes Apple

While most of the market focused on the spot Bitcoin ETFs beginning to trade today, the second-largest company in the world made a move on its sole competitor. 🔮

This morning, Microsoft’s market capitalization briefly crossed that of Apple’s, making it the largest company in the world. While it didn’t last, it does beg the question of which stock will lead the market going forward.

Read It

More in   M&A

View All

M&A

October 12, 2022

Cameco Shares Melt Down On Acquisition News

The world’s largest publicly traded uranium company, Cameco Corp., is falling on news that it’s acquiring Westinghouse Electric Company. However, it won’t be tackling the deal on its own; it’s recruiting the help of Brookfield Renewable Partners. 🤝

Under the $4.5 billion deal terms, they’ll split the cost and ownership almost evenly. Ultimately, Cameco will own 49% of Westinghouse Electric, and Brookfield Renewable will own 51%. And although Cameco has the funds on hand to support the acquisition, it is seeking alternatives to fund the deal to maintain its balance sheet health.

Read It

M&A

September 15, 2022

Adobe’s Big Day

Adobe made a splash today as it announced earnings with an extra twist. 🔀

Its adjusted EPS was $3.40 vs. $3.35 expected, while revenues were $0.01 billion shy of expectations at $4.43 billion. Current quarter EPS guidance beat expectations by $0.03, while revenue guidance was $0.08 below expectations. 📉

Read It

M&A

May 5, 2022

Peloton Searches for Its Knight in Shining Armor

After a punishing year for the at-home fitness company Peloton, the company is reportedly looking to sell nearly a fifth of its business in an effort to absolve themselves of near-term financial headwinds.

According to the Wall Street Journal, the company is perusing the catalog of industry giants and private equity firms alike in their search. Such a deal might not pan out, but new money might help the downtrodden pandemic-era giant find its way in a post-pandemic world.

Read It

M&A

February 6, 2023

A Day Of Deals

It was a busy day on Wall Street, so let’s recap the buyouts, IPOs, and more dealmaking you might’ve missed. 👀

First up is the Mediterranean restaurant chain Cava confidentially filing for an IPO. The fast-casual restaurant was founded in 2006 and expanded in 2018 by buying Zoes Kitchen for $300 million. It recently raised $230 million in April 2021 at a valuation of $1.71 billion. Now, the company is looking to go public as the market reheats following an ice-cold 2022. 🥗

Read It