Bally Manufacturing Corp. and Bally`s Park Place Inc. have been sued in a class action in the Delaware Chancery Court over Bally`s proposed acquisition of the publicly held shares of Bally`s Park Place, the Atlantic City casino, the company said. Among the suit`s allegations are that the plan will deprive the plaintiffs of their equity interest in Bally`s Park Place at an inadequate price. Bally recently proposed a merger between the casino and a wholly-owned Bally subsidiary. Under the merger, there would be an exchange of shares of Bally common stock for the remaining 16 percent of Bally`s Park Place. The transaction is subject, among other things, to Bally`s acquisition of MGM Grand Hotels Inc. and to approval of the casino`s directors and shareholders. Bally, which said it believes the complaint is without merit, plans to vote its shares in favor of the merger, ensuring shareholder approval.
