{"id":199097,"date":"2022-01-25T08:04:57","date_gmt":"2022-01-25T16:04:57","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=199097"},"modified":"2022-01-25T10:12:12","modified_gmt":"2022-01-25T18:12:12","slug":"standard-general-is-looking-to-buy-ballys-at-38-a-share","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/","title":{"rendered":"Bally’s Stock Surges After Investor Standard General Files Takeover Bid"},"content":{"rendered":"

Bally’s (NYSE:BALY) is easily the best-performing gaming stock in early trading Tuesday after hedge fund Standard General filed a takeover proposal valuing the casino operator at $38 a share.<\/p>\n

\"Bally's\"
Standard General founder Soo Kim, seen in a photo composite, above. His hedge fund is offering to acquire Bally’s at $38 a share. (Image: New York Post<\/em>)<\/figcaption><\/figure>\n

That’s a more than 30 percent premium to where the shares closed on Monday. The offer has shares of the Rhode Island-based regional casino company higher by 21 percent on volume that’s already nearly triple the daily average at this writing.<\/p>\n

In a Form 13\/D filing with the Securities and Exchange Commission (SEC), Standard General — the hedge fund that’s Bally’s largest shareholder — said it delivered a non-binding letter to the board of directors. In the letter, it offers to acquire all of the outstanding equity of the gaming company it doesn’t currently own for $38 a share.<\/p>\n

As described in the Proposal Letter, Standard General expects that the Board of Directors\u00a0 of the Company will appoint a special committee of independent directors to consider its proposal and make a recommendation to the Board of Directors,\u201d according to the filing. \u201cStandard General will not move forward with the transaction unless it is approved by such a special committee.\u201d<\/p><\/blockquote>\n

Standard General is controlled by Soo Kim<\/a>, a member of Bally’s board.<\/p>\n

Hunter Becomes the Hunted<\/h2>\n

Standard General has a reputation for taking long-term stakes in companies undergoing change. It has overseen Bally’s transformation from the small regional gaming outfit previously known as Twin River Worldwide Holdings (TRWH) to a company that now controls 14 gaming properties in 13 states. That includes marquee markets such as the Las Vegas Strip and the Atlantic City Boardwalk.<\/p>\n

\n

In its current form, Bally’s itself was built on acquisitions<\/a>. It used deal-making to not only increase the size of its land-based casino portfolio but also to become a vertically integrated player with an in-house tech stack<\/a>, iGaming, sports wagering, and fantasy sports assets, among others. Last October, the company closed its biggest deal to date — the $2.7 billion purchase of Gamesys, a UK-based online gaming firm.<\/p>\n<\/div>\n

Standard General may be sensing an opportunity, or that Bally’s is now undervalued following a recent downdraft that’s swept over gaming stocks. Entering today, the shares were off 23.2 percent year-to-date and 53.12 percent below the 52-week high.<\/p>\n

\u201cNo assurances can be given that a transaction will be consummated.\u00a0 The Proposal Letter provides that no legally binding obligation with respect to a transaction will exist unless and until mutually acceptable definitive documentation has been executed and delivered with respect thereto,\u201d <\/strong>said the hedge fund in the regulatory document.<\/p>\n

Standard General owns more than 20 percent of Bally’s shares outstanding.<\/p>\n

Bally’s Expansion Plans<\/h2>\n

The hedge fund’s offer for Bally’s arrives as the gaming company has multiple expansion irons in the fire.<\/p>\n

For example, the operator is among several pursuing an integrated resort license in Chicago<\/a>. It’s also rumored to be interested in developing a New York casino and is awaiting final approval to launch its mobile sports wagering app in that state.<\/p>\n

Given the company’s knack for finding attractively valued assets and ability to procure financing, there’s talk Bally’s will remain a player on the gaming industry acquisition stage.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Bally’s (NYSE:BALY) is easily the best-performing gaming stock in early trading Tuesday after hedge fund Standard General filed a takeover proposal valuing the casino operator at $38 a share. That’s a more than 30 percent premium to where the shares closed on Monday. The offer has shares of the Rhode Island-based regional casino company higher […]<\/p>\n","protected":false},"author":46,"featured_media":199098,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\nStandard General Is Looking To Buy Bally's At $38 A Share<\/title>\n<meta name=\"description\" content=\"Bally's rallies as hedge fund Standard General presents $38 a share takeover offer.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard General Is Looking To Buy Bally's At $38 A Share\" \/>\n<meta property=\"og:description\" content=\"Bally's rallies as hedge fund Standard General presents $38 a share takeover offer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-25T16:04:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-25T18:12:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/soo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/\",\"url\":\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/\",\"name\":\"Standard General Is Looking To Buy Bally's At $38 A Share\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/soo.jpg\",\"datePublished\":\"2022-01-25T16:04:57+00:00\",\"dateModified\":\"2022-01-25T18:12:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's rallies as hedge fund Standard General presents $38 a share takeover offer.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/standard-general-is-looking-to-buy-ballys-at-38-a-share\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/soo.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/soo.jpg\",\"width\":2000,\"height\":1333,\"caption\":\"Standard General founder Soo Kim. 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