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Bally's Ascends 10% On Decision To Buy Back Shares Up To $190 Mln

Shares of Casino operator Bally's Corporation (BALY) are rising more than 10% Friday morning at $20.90.

The company today said it has commenced a modified Dutch auction tender offer to purchase its common shares of up to $190 million for $19.25 per share-$22 per share range.

The tender offer that begins today is expected to expire on July 22, 2022.

Bally's plans to return capital to shareholders in the future, including through its previously announced $350 million capital return program.

BALY has traded in the range of $17.54-$55.78 in the past 52 weeks.

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