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Standard General to Acquire Bally's for $4.6 Billion at $18.25 per Share, 71.8% Premium

Jul 25, 2024, 05:50 PM

Standard General, controlled by Bally's chairman Soo Kim, has agreed to acquire Bally's Corporation for $18.25 per share, valuing the deal at $4.6 billion. This represents a 71.8% premium over Bally's last closing price. Bally's shareholders have approved the takeover, which will result in a merger with Queen Casino & Entertainment. Standard General, which owns about 26% of Bally's, initially offered $15 per share. The acquisition comes as Bally's recently shut down the Tropicana in Las Vegas and has plans to redevelop the site. The company will remain publicly traded following the merger. The buyout is for 52% less than Standard General's 2022 offer. Bally's also recently secured financing for its planned Chicago casino.