Bally Gaming responds to revised offer by Alliance Gaming.LAS VEGAS--(BUSINESS WIRE)--September 21, 1995--In response to the revised offer announced late yesterday by Alliance Gaming Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALLY), Bally Gaming International, Inc. (NASDAQ:BGII BGII Baldur's Gate II: Shadows of Amn (computer game) ) issued the following statement: "In keeping with its legal obligation, the board of directors of Bally Gaming will review the latest conditional partial tender offer by Alliance in comparison to the previously announced definitive merger agreement with WMS WMS Warehouse Management System WMS Web Map Service (open geospatial consortium specification) WMS West Middle School (Rochester Hills, MI) WMS Workforce Management Software WMS Wechsler Memory Scale Industries, Inc. (NYSE NYSE See: New York Stock Exchange :WMS) and report its recommendation in due course to shareholders. "Until the BGII Board has had an opportunity to review the revised offer, Bally Gaming urges its shareholders not to tender their shares to Alliance and not to sign Alliance's consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with . Bally Gaming will carefully study Alliance's filings, especially because Alliance's previous disclosures have failed to disclose material facts including: -- Pro-forma financial information on a combined Bally Gaming/Alliance entity, which would reveal an unstable, undercapitalized Undercapitalized A business has insufficient capital to carry out its normal functions. undercapitalized Of, relating to, or being a firm that has insufficient long-term equity to support its assets. , highly leveraged company. -- The terms of the back-end merger, including the "appropriate collar" that would be imposed on BGII shareholders after Alliance controls Bally Gaming. -- The terms of permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. to replace the expensive short-term debt Alliance proposes to use to complete its tender offer. -- How Alliance can assure the receipt of all relevant regulatory approvals by specific dates to which it has committed. -- The presence of undisclosed active principals behind Alliance's controlling shareholder, including Texas Rangers baseball co-owner Richard Rainwater, which could create gaming regulatory problems." Bally Gaming International Inc., through its subsidiaries, is a world leader in the manufacture of gaming and computer-tracking devices for casinos. The Company designs, manufactures and distributes its gaming and computer systems through its Bally Gaming, Inc. subsidiaries in Las Vegas and Reno, Nev. and its Bally Wulff subsidiaries in Berlin and Hannover, Germany. CONTACT: Bally Gaming International Inc. Neil E. Jenkins 312/992-1144 or Sard Verbinnen & Co. George Sard/Anna Cordasco 212/687-8080 |
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