Ballys Corporation Weighs $38 Per Share Buyout Offer from Standard General

The gaming company, Bally’s Corporation, is evaluating a buyout proposal valued at $38 per share. The casino group has established a dedicated committee to examine the proposition, presented by the hedge fund, Standard General. Holding an existing ownership exceeding 20% of Bally’s, Standard General put forward an all-cash transaction. Adding complexity to the potential agreement, Bally’s Chief Executive Officer, Soo Kim, also holds a managing partner position at Standard General. Although the successful completion of the deal remains uncertain, Standard General conveyed assurance in its capacity to fund the purchase and address any arising regulatory obstacles.

The acquisition won’t proceed unless the independent board group provides approval.

Kim reiterated their steadfast dedication to the firm, irrespective of the proposition’s result. They plan to maintain their investment over an extended period, even if the board group declines or the stakeholders reject the agreement.