Casino Operator Bally’s shares jump more than 20% after Standard General offers to buy the shares it doesn’t already own in a deal that values the company at $2 billion
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.
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.
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