MEDIA

Bally Gaming International Inc. said it will consider Alliance Gaming Corp.’s hostile offer to buy the company for $12.50 a share, or $134.4 million. Alliance Gaming’s combined cash-and-stock offer, made Tuesday, threatens to upset WMS Industries Inc.’s proposed purchase of Bally, a Las Vegas-based slot-machine maker. . . . J.C. Penney Co. and May Department Stores Co. launched a $704-million bid for Woodward & Lothrop Inc., seeking to top a previous offer from a group led by Federated Department Stores. Any sale hinges on approval of federal Bankruptcy Court in New York.