Standard General makes offer to buy remaining stake in casino operator Bally's

Bally's

11/03/2024 16:49

March 11 (Reuters) - Hedge fund Standard General on
Monday offered to buy the remaining stake in Bally's Corp
 BALY.N  that it does not already own in a deal that values the
casino operator at about $684 million. 
    Shares of Bally's, which offers online sports betting,
surged about 26% in afternoon trade.
    Standard General, which owns a near 23% stake in Bally's and
is its largest shareholder, has offered to buy the remaining
shares at $15 per share, a 41% premium to its last close.
    The current offer is significantly discounted from its prior
offer of $38.00 per share made in 2022 that valued the casino
operator at about $2 billion.
    Standard General in a letter to Bally's board said it
expects the board to appoint a special committee to consider the
offer, and "will not move forward" unless it is approved by the
committee. 

 (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Maju
Samuel)
 ((Aatreyee.Dasgupta@thomsonreuters.com;))