Standard General to Acquire Bally’s

Fried Frank is acting as counsel to Standard General in connection its $4.6 billion acquisition of gaming company Bally's. Standard General is currently the largest shareholder of Bally's, maintaining an approximately 23% ownership stake. As part of the deal agreement, The Queen Casino & Entertainment Inc., a regional casino operator majority-owned by funds managed by Standard General, will merger with Bally's. In the transaction, Bally's stockholders will receive $18.25 in cash for each Bally's share they own, but will also have the option instead to elect to rollover their Bally's shares into shares of the combined company.

The Fried Frank team was led by corporate partners Erica Jaffe, Ryan Messier and Philip Richter.