Bally's stock price surges on buyout offer from largest shareholder, hedge fund Standard General [Yahoo! Finance]
Nexstar Media Group, Inc. (NXST)
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Source: Yahoo! Finance
Standard General, which owns 23% of Rhode Island-based Bally's, submitted an offer Monday to buy out the rest of the stockholders at $15 per share, valuing the company at about $648 million. That represents a premium to the current share price, but is less than 40% of what Standard General was willing to pay two years ago in an unsuccessful bid to buy the company. “For whatever reason, the shares have not traded well,” Kim said. “There's nothing more that we can do, other than speak through action, and our action is to multiply down on our commitment to this company and buy shares at a healthy premium to current shareholders.” In 2022, just before Bally's won a heated competition to build the first Chicago casino, Standard General bid $38 per share, valuing the company at nearly $2.1 billion. The stock price has been falling ever since, exacerbated by funding concerns faced by debt-laden Bally's in building its proposed $1.74 billion Chicago flagship. Kim blamed the valuation d
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