Allied Esports Receives $100M Purchase Offer from Bally’s Corporation

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Allied Esports Entertainment has confirmed that it has received an unsolicited proposal from Bally’s Corporation 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 to sell all of the equity interests of Club Services, 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, for consideration totaling $78,250,000.

The Company’s Board of Directors, consistent with its duties and the Company’s obligations under its existing agreement with Element, will evaluate Bally’s proposal in due course. The Company and Element continue to discuss potential updates to the current terms of their agreement. There can be no assurance that the Company will enter into a definitive agreement with Bally’s or consummate any transaction with Bally’s.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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