Pension investor calls Bally’s owner “vulture hedge fund” Claims Standard General’s bid to acquire Bally’s was “coercive” Says Sinclair Broadcasting assisted Kim’s hedge fund The Miami Police Pension and Relief Fund claims Standard General’s 2024 offer to acquire regional casino operator Bally’s disadvantaged many investors, accusing some larger shareholders of aiding Soo Kim’s hedging on a “coercive” offer. Standard General founder Soo Kim. A Miami pension plan is accusing the Bally’s owner of shortchanging investors in a 2024 takeover offer. (Image: Meet AC/Casino.org) In a suit filed in the Court of Chancery of the state of Delaware, the Miami law enforcement retirement plan named Kim, Bally’s CEO Robeson Reeves, President George Papanier, and other high-ranking executives. In March 2024, Standard General, which is controlled by Bally’s Chairman Soo Kim, floated a $15 per share takeover offer. That was upped to $18.25 a share, which the gaming company accepted. That offer arrived 26 months after the hedge fund attempted to acquire…Â Read More
Category: Financial, Legal, Mergers and Acquisitions, legal, mergers and acquisitionsÂ
Source: Casino.org
