The Ballys Corporation has entered into an agreement to purchase Gamesys, a game development studio, at a price that represents a sizable premium over its market value. Premier Entertainment, a Bally’s subsidiary, will manage the consolidation and supply the funding for this all-cash purchase under the terms of the agreement, which was finalized last month.
Gamesys stockholders will receive a price of £18.50 per share as part of the transaction, which is a considerable gain of almost 14.4% over their closing price on March 23rd. This offer from Bally’s, which was first presented in January at £13.30 per share, constitutes a sizable 41.2% premium.
Neil Goulden, the chairman of Gamesys, stated his belief that the merger will be successful and emphasized the significant financial advantages it will offer to shareholders. He stressed that Bally’s offer, which includes Gamesys’ final dividend, significantly exceeds both their first offer and Gamesys’ prior share price history.
Soo Kim, the chairman of Bally’s, shared this viewpoint and stated that this purchase is a critical step in their strategic change into a top omnichannel gaming company. He thinks that Gamesys’ [The provided text ends abruptly here]
The amalgamation will unite a “highly esteemed and seasoned management team” with a “strong technological base.” This, coupled with Bally’s current foothold in the American market, will enable the unified entity to leverage the immense expansion possibilities of the US sports wagering and internet gaming sector.
If the amalgamation is not finalized by the cutoff date of September 9, 2021, the Gamesys board plans to announce a subsequent interim payout, the initial being 28 pence per share, the latter being 15 pence per share.
Bally’s indicated in an announcement that it observes the US digital gaming market broadening and posits that an agreement with an established American firm will permit it to exploit this growth.
Bally’s contends that “this amalgamation presents an attractive strategic and fiscal prospect to enhance our client offerings and encounters.”
