Hedge Fund Looks to Buy Bally’s — Stock Rockets Up 40%

Hedge Fund Looks to Buy Bally’s — Stock Rockets Up 40%

Standard General has offered to buy Bally’s in a deal that values the casino operator around $684 million, less than half of the hedge fund’s prior bid for the company, according to a report.

In the past five days Bally’s stock has climbed 40%.

Standard General is led by Soo Kim, who is also the chair of the board of Bally’s.

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“Standard General, which is Bally’s largest shareholder, is offering to buy all of the company’s outstanding shares that it doesn’t already own for $15 a share, the hedge fund said in a regulatory filing Monday. There are about 45.6 million shares outstanding, according to FactSet,” reported the Wall Street Journal.

The Monday offer from Standard General is significantly discounted from the hedge fund’s prior bid in January 2022, when the hedge fund offered to buy the remaining stake for $38 a share. That offer valued Bally’s at nearly $2.1 billion.

Standard General’s latest offer is a 41% premium from Bally’s closing share price on Friday.