Allied Esports Shares Are Trading Lower On Bally’s Acquisition Proposal For $100M
Gaming company Bally’s Corporation sent an unsolicited proposal to acquire the outstanding equity interests of global esports entertainment company Allied Esports Entertainment Inc (NASDAQ: AESE ) for $100 million in cash, Bally’s, stock, or a combination of both.
Bally’s proposal would require termination of Allied’s previous agreement with Element Partners to sell the equity interests of subsidiary Club Services, which directly or indirectly owns the poker-related business and assets, including the entities comprising the World Poker for $78.25 million.
Allied’s board will appraise Bally’s proposal in due course.The company and Element continue to discuss possible updates to the existing terms of their agreement.
Presently, Allied’s board continues to recommend the stockholders regarding the approval of the transaction with Element.
Price action: AESE shares are down 20.5% at $2.60 on the last check Friday.
See more from Benzinga
Click here for options trades from Benzinga
Twitter Tests ‘Undo Send’ Feature For Subscription-Based Users: Reuters
US Blacklisted Xiaomi Citing Alleged Military Ties With China: WSJ
© 2021 Benzinga.com.Benzinga does not provide investment advice.All rights reserved..