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Bally’s Corporation stock will be bought out by the Standard General hedge fund. The merger agreement values the gambling company at $4.6 billion.
Standard General had an initial offer of $38 per share rebuffed in 2022. It countered with a $15 offer in March. The final deal pegged the stock at $18.25.
Bally’s will be merged with Standard General’s The Queen Casino & Entertainment, which owns and operates casinos in Illinois, Iowa, and Louisiana.
Standard General was already Bally’s largest shareholder at 35%. Bally’s Chairman Soo Kim also heads Standard General.
Said Kim: “The transaction provides Bally’s stockholders with a significant cash premium along with certainty of value for their investment or, if they elect to retain their shares, the opportunity to participate in the longer-term growth prospects of our expanded portfolio and significant development pipeline.”
Hedging their bets?@mitchtrout with the latest on New York hedge fund Standard General’s $4.6 billion Bally’s buyout merger deal — and what it means for Chicago’s long-awaited Casino.https://t.co/LpGUkGYgJE
— Scott Fornek (@sfornek) July 25, 2024
“After a detailed consideration by the Special Committee, with the assistance of our outside financial and legal advisors, it was determined that the cash consideration from Standard General delivers a meaningful and immediate value to stockholders,” Bally’s executive and special committee chairman Jaymin Patel said in a release. “We look forward to working with the team at Standard General and QC&E as we move through the process to complete the merger.”
