Hedge Fund Makes $2 Billion Offer for RI’S Bally’s — Stock Jumps 25%

Hedge Fund Makes $2 Billion Offer for RI’S Bally’s — Stock Jumps 25%

Hedge Fund Standard General, LP is making a $2 billion bid to take control of RI-based Bally’s. The company was formerly known as Twin River and recently negotiated a 20-year extension of the state’s lottery contract.

“Shares of casino operator Bally’s Corp jumped more than 20% in morning trading after the company’s largest shareholder, hedge fund Standard General LP, submitted an offer to buy the remaining stock it doesn’t already own for $38 a share,” reported the Wall Street Journal.

“Standard General, which already owns a 21% stake in Bally’s, on Tuesday submitted a letter to the Bally’s board detailing the offer, which Bally disclosed in a filing with the Securities and Exchange Commission’” added the WSJ.

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The hedge fund, whose founding partner and Chief Investment Officer Soo Kim also Bally’s chairman.

Bally’s did not respond to request for comment at the time of publication.

This story is developing.