Bally’s Corporation announced that a special committee of its board of directors has ended consideration of Standard General’s proposal to acquire all of the outstanding shares of Bally’s that it did not already own.

In addition, the board determined that Bally’s should pursue initiating a cash tender offer for its shares.

The casino company expects the tender offer will involve $300M to $500M, and will be structured in a Dutch auction format.

CEO update: “The Company has very substantial opportunities before it, including the integration of the Gamesys acquisition, the build-out of Bally’s North American interactive business and the continued strategic expansion of our land-based footprint in the U.S.”