08:32 AM EDT, 07/25/2024 (MT Newswires) -- Bally's (BALY) said Thursday it has entered into a merger agreement with Standard General to sell its outstanding shares at $18.25 per share.

The deal values Bally's at about $4.6 billion, the company said. Bally's shareholders can opt for cash or retain a portion or all of their shares through a rollover election.

Upon deal completion, Bally's will merge with The Queen Casino & Entertainment and the combined entity will remain a publicly traded company.

The deal is expected to close in H1 2025, subject to regulatory approvals, approval from Bally's shareholders and other customary closing conditions.

Bally's shares jumped more than 25% in Thursday premarket activity.

Price: 16.95, Change: +3.43, Percent Change: +25.37