Allied Esports Determines Bally's Offer As Superior Proposal

(RTTNews) - Allied Esports Entertainment, Inc. (AESE) said its Board has determined that a proposal from Bally's constitutes a "Superior Proposal" under the pending stock purchase agreement with Element Partners. Under the terms of Bally's proposal, Bally's would acquire all of the equity interests of Club Services, Inc. for consideration totaling $105 million. Prior to making the determination, Allied Esports received a proposal from Bally's to sell the outstanding capital stock of Club Services for $100 million.

Allied Esports notified Element that it intends to terminate stock purchase agreement unless the company and Element negotiate an amendment to the pending stock purchase agreement.