|
Evoke PLC on Monday said it is in discussions with US casino operator Bally’s Intralot SA regarding a possible all-share takeover offer worth more than £200 million. The pre-market stock exchange announcement confirmed a report in the Sunday Times. Gibraltar-based Evoke is a betting operator that owns the William Hill and 888 brands in the UK. The possible offer would be valued at 50 pence per share, Evoke said. The possible offer is at a 32% premium to Evoke’s closing price of 37.90p on Friday. The stock was up 5.3% to 40.90p early Monday in London, giving it a £175.1 million market capitalisation. A 50p offer would value the company at about £214 million. Bally’s Corp shares closed up 2.7% to $11.87 in New York on Friday, giving the Providence, Rhode Island-based company a market value of $578.6 million. Evoke said it expects the proposal from Bally’s to comprise an all-share combination with a partial cash alternative. It noted there is no certainty an offer will be made, or what its terms will be. Bally’s has until May 18 to announce a firm intention to make an offer, or that it does not intend to make an offer. Evoke said its announcement was made with the consent of the Bally’s board. The Sunday Times reported that Bally’s has been informally granted preferred bidder status. Back in December, Evoke kicked off a strategic review, which could include a sale of the company, after the UK government budget which the gambling firm warned would lift yearly duty costs by up to £135 million. At the time, Evoke said the review will look into a ‘range of potential alternatives to maximise shareholder value’. This included a sale of the whole group, or some assets. Earlier this month, Evoke confirmed it would close 200 William Hill shops starting in May. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
