Allied Esports Deems Bally's Proposal Superior To Element's Stock Purchase Agreement

Esports entertainment company Allied Esports Entertainment Inc AESE determined Bally’s Corporation’s acquisition proposal as superior to its existing agreement with Element Partners, LLC.
Bally offered to acquire Allied Sports’ poker-related business and assets subsidiary Club Services, Inc (CSI) for $105 million in cash.
Allied Esports had agreed with Element to sell CSI for $90.5 million, which beat Bally’s old $90 million offer on March 22.
Allied Esports has notified Element regarding the intended termination of the latter’s agreement unless they come up with a revised proposal by March 29, which is superior to Bally’s proposal.
Allied Esports had previously received an acquisition offer from Bally for $100 million.
Price action: AESE shares traded lower by 14.9% at $2.82 on the last check Thursday.