Benzinga | Mar 25, 2021 11:27AM EDT

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

* Esports entertainment company Allied Esports Entertainment Inc (NASDAQ: 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.