Bally’s Corp saw its shares jump 25% after Standard General made a takeover offer.

Standard General, which is already the largest stockholder of Bally’s, owning a more than 20% stake, has offered $38 per share for the company’s outstanding shares. The offer represents a premium of 30% to Bally’s Monday closing price.

Hedge fund Standard General said it expects Bally’s board of directors to appoint a special committee of independent directors to consider the proposal and make a recommendation. 

“As a result of our long-term involvement with the Company and its predecessor, we have a detailed understanding of Bally’s, its business and assets, which will enable us to move quickly to finalize a transaction,” explained Standard general.

The hedge fund said it will fund the potential deal through sale and leaseback and other long-term financing arrangements.