Sinclair Broadcast Group Sells 7.91 Million Shares In Bali

Bally’s Corporation, a leading gaming and entertainment company, announced that it had registered to sell approximately 7.9 million shares on behalf of SBG Gaming LLC, a wholly owned subsidiary of Sinclair Broadcast Group Inc. Details related to the sale came from a Form S-3 filing with the Securities and Exchange Commission (SEC) on April 12, 2024.

In the filing, Vallis informs investors that it has registered to sell 7,911,724 shares of its common stock. The gaming and entertainment company did not disclose the reason for the sale of 7.9 million shares issued to SBG Gaming. 경마

It confirmed that registering such a sale was a standard procedure and notified investors. In addition, Bali stated in an SEC filing that it was not selling its common stock and would not benefit from the sale.

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In early March, Standard General, which owns a 23% stake in Vallis, made an offer to buy the remaining stake in the company for $15 per share. In light of the offer, K&F Growth Capital, an asset management firm founded by Dan Petters and Edward King, expressed concern in a letter to Vallis.

The announcement comes at a time when the price of the company’s stock is falling. Nevertheless, K&F Growth wrote that Standard General’s bid was woefully undervalued. The company also claimed that if Standard General acquires it, Bally’s stakeholders “can earn a return that could be twice the proposed value per share.”

As of March 20, 2024, the Company had 40,246,353 shares of common stock, according to a recent SEC filing. The 7.9 million publicly announced sale represents nearly 16.4% of the total shares.

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