Star Entertainment Group Ltd is reviewing an unsolicited offer from US casino operator Bally’s Corporation for at least $250 million in funding, potentially rescuing the ASX-listed company from administration.
In an ASX statement, Star confirmed receiving a non-binding proposal from Bally’s after The Australian reported the offer. Bally's proposed a capital raise via convertible notes, underwriting the full amount while allowing Star’s existing shareholders to participate on a pro-rata basis.
Star’s board will assess the proposal but noted there is no certainty it will proceed.