Hedge fund Standard General, the largest shareholder of Bally’s Corporation, has made an offer to buy all of the remaining shares that it does not own. The company made the proposal on Monday, leading to a 28% jump in Bally’s share price. The offer of $15 per share is 41% greater than the closing price on Friday and values the company at approximately $684m.

made a takeover offer in 2022 for $38 per share

Standard General already has a stake of about 23% in Bally’s. It made a takeover offer in 2022 for $38 per share, which a special committee rejected just days after Bally’s won the rights to build Chicago’s first-ever casino.

In a letter to the Bally’s board, Standard General said that it expects a special committee to be set up to contemplate the latest bid and it will not proceed unless this group gives the green light. The New York hedge fund believes its familiarity with the business will help speed up the transaction timeline.

Standard General plans to keep Bally’s as a publicly traded company if the deal goes ahead and says that the takeover would give investors “certainty of value for their shares, especially when viewed against the operational risks inherent in the Company’s business.”