Bally’s soared 25% after Standard General made a takeover offer for the remainder of the company it doesn’t already own for $15 a share. 

On Monday, Standard General delivered a non-binding letter to Bally’s offering to acquire all of the outstanding shares of common stock not currently owned by Standard General at a price of $15.00 per share, according to to a 13D filing on Monday. Standard General has a 23% stake in Bally’s.

A $15 a share offer represents a more than 40% premium to Bally’s closing price on Friday. Bally’s has a market cap of $609 million.

Standard General expects that the Bally’s (BALy) board will appoint a special committee of independent directors to consider its proposal and make a recommendation to the board.