An investment firm, Standard General, has proposed acquiring Bally’s Corporation for $38 per share. This bid estimates the casino company’s worth at over $2 billion. In response, Bally’s leadership established a dedicated group to evaluate the proposition, though the finalization of an agreement is not assured.
Standard General already holds a significant stake in Bally’s, exceeding 20%, solidifying its position as the company’s principal investor. Notably, Soo Kim, who currently chairs Bally’s, also serves as the managing partner and chief investment officer of Standard General. Kim contends that his firm’s comprehensive knowledge of Bally’s will facilitate a rapid and seamless acquisition process.
The typical corporation requires approval from the designated group to proceed with the agreement; if not, it’s off the table.
Kim stressed that their dedication to the organization stays firm, no matter the result. They plan to be enduring investors, even if the designated group declines the proposition or the public stockholders vote against it. They are committed for the long run.
