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Standard General Offers 30% Premium for Bally’s Takeover

A Bally's Hotel & Casino in Atlantic City, New Jersey.

A Bally's Hotel & Casino in Atlantic City, New Jersey.

Photographer: Angus Mordant/Bloomberg
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Bally’s Corp. investor Standard General offered to buy the remaining shares of the casino and entertainment company at a 30% premium, swooping in after the stock’s recent tumble.

The private-equity firm, already Bally’s largest holder with a 21% stake, said in a filing Tuesday that it proposed paying $38 a share. A deal won’t move forward unless it’s approved by a special committee of independent directors and the majority of other shareholders, Standard General said.