Hedge fund Standard General on Monday offered to buy the remaining stake in Bally’s Corp, 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.
