The stock of casino operator Bally’s Corp was up 24 per cent on Tuesday, after its biggest shareholder, hedge fund Standard General, which offered to acquire all of the company’s outstanding shares for USD38 a share, according to a MarketWatch report.
The offer, which was the report says was made in a latter to Bally’s board, represents a roughly 30 per cent premium over the stock’s closing price Monday.
Standard general already owns more than 20% of Bally’s shares and intends to use a combination of sale-and-lease back and other long-term financing to fund the deal.
