Evoke confirms 304 million dollar takeover bid from Ballys
Evoke confirmed it is in talks with Ballys Intralot for a takeover valued at 304 million dollars. The proposal follows tax hikes and shop closures in the UK.
The parent company of William Hill and 888, EVOKE PLC, confirmed on Monday that it has entered negotiations regarding a potential takeover proposal. The bid, submitted by the Greece-based gaming and lottery firm BALLYS INTRALOT SA, values the betting group at approximately 50 pence per share, or a total of 225.3 million pounds ($303.88 million).
According to a statement from the company, the proposed transaction is structured as an all-share combination with a partial cash alternative. This confirmation follows recent market speculation regarding the future of the betting operator, which has faced significant headwinds in the United Kingdom due to recent government tax increases on the gambling industry.
The proposed deal is expected to be an all-share combination with a partial cash alternative, Evoke said in a statement confirming recent media speculation.
In March, Evoke announced plans to shutter several betting shops starting in May as part of a broader strategic review. The company has been exploring various options, including a full sale, to navigate the challenging regulatory and fiscal environment.
The suitor, BALLYS INTRALOT SA, maintains operations across 40 regulated jurisdictions globally. The firm expanded its footprint significantly last year after completing the acquisition of Ballys International Interactive. That transaction resulted in the United States-based BALLY'S CORP becoming its majority shareholder.