An investigation on behalf of investors of Bally Technologies Inc. (NYSE:BYI) in connection with the proposed takeover was announced and NYSE:BYI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/05/2014 -- An investigation on behalf of investors, who currently hold shares of Bally Technologies Inc. (NYSE:BYI), was announced concerning whether the takeover of Bally Technologies Inc. by Scientific Games Corporation for $83.30 per share is unfair to NYSE:BYI stockholders.
Investors who purchased shares of Bally Technologies Inc. (NYSE:BYI) and currently hold any of those NYSE:BYI shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Bally Technologies Inc. breached their fiduciary duties owed to NYSE:BYI investors in connection with the proposed acquisition.
On August 1, 2014, Scientific Games Corporation (Nasdaq: SGMS) and Bally Technologies, Inc. (NYSE: BYI) announced that the companies have entered into a merger agreement whereby Scientific Games has agreed to acquire all of the outstanding Bally Technologies common stock for $83.30 in cash per share.
However, given that at least one analyst has set the high target price for NYSE:BYI shares at $90.00 per share, the investigation concerns whether the offer is unfair to NYSE:BYI stockholders. More specifically, the investigation concerns whether the Bally Technologies Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Bally Technologies Inc. reported that its Total Revenue rose from $756.15 million for the 12 months period that ended on June 30, 2011 to $997.04 million for the 12 months period that ended on June 30, 2013 and that its respective Net Income increased from $98.67 million to $141.44 million. Shares of Bally Technologies Inc. (NYSE:BYI) grew from $26.98 per share in September 2011 to as high as $82.67 per share in January 2014.
On August 1, 2014, NYSE:BYI shares closed at $77.70 per share.
Those who are current investors in Bally Technologies Inc. (NYSE:BYI) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com