March 11 (Reuters) - Hedge fund Standard General on

Monday offered to buy the remaining stake in Bally's Corp

that it does not already own in a deal that values the

casino operator at about $684 million.

Shares of Bally's, which offers online sports betting,

surged about 26% in afternoon trade.

Standard General, which owns a near 23% stake in Bally's and

is its largest shareholder, has offered to buy the remaining

shares at $15 per share, a 41% premium to its last close.

The current offer is significantly discounted from its prior

offer of $38.00 per share made in 2022 that valued the casino

operator at about $2 billion.

Standard General in a letter to Bally's board said it

expects the board to appoint a special committee to consider the

offer, and "will not move forward" unless it is approved by the

committee.