Allied Esports Entertainment, Inc. Receives Proposal from Bally’s Corporation
Allied Esports Entertainment, Inc. (AESE)
Company Research
Source: Business Wire
IRVINE, Calf.--(BUSINESS WIRE)--Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company”), a global esports entertainment company, confirmed that it received an unsolicited proposal from Bally’s Corporation (“Bally’s”) to acquire all of the outstanding equity interests of the Company for a total consideration of $100 million, payable, at the Company’s option, in cash, Bally’s capital stock, or a combination of both. The Bally’s proposal would require the Company to terminate its previously announced agreement with Element Partners, LLC (“Element”) to sell all of the equity interests of Club Services, Inc. (“CSI”), an indirect wholly-owned subsidiary of the Company that directly or indirectly owns the Company’s poker-related business and assets, including the entities comprising the World Poker Tour® (“World Poker Tour,” or “WPT®”), for consideration totaling $78,250,000.The Company’s Board of Directors, consistent with its duties and the Company’s obligations under its exi
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