Evoke takeover talks by Bally’s Intralot confirm pressure on gambling group finances

Evoke has confirmed it is talking with Bally’s Intralot S.A. about a possible takeover, ending days of market chatter around the debt-laden betting group that owns William Hill and 888.

The London-listed company said the early-stage approach values the business at 50 pence a share ($0.68). Investors have been watching for signs of corporate interest after a difficult stretch marked by tax pressure, store closures and questions over leverage.

In a stock exchange statement, Evoke said it “notes the recent media speculation and confirms that it is in discussions with Bally’s Intralot S.A. … regarding a possible offer for the entire issued and to be issued share capital of the Company at a price of 50 pence per share.” The company added that the proposal “is expected to comprise an all-share combination with a partial cash alternative.”

The board said there “can be no certainty that an offer will be made or as to the terms on which any offer might be made,” and said shareholders “are advised not to take any action in relation to the Proposal.” Evoke said its board is evaluating the approach with advisers Morgan Stanley and Rothschild & Co.

Under takeover rules, Bally’s Intralot has until 5 p.m. London time on May 18 to announce a firm offer or step away, unless Evoke agrees to an extension.

Pressure has been building for Evoke in recent months after UK Budget as Bally’s floats takeover

The bid interest arrives after months in which Evoke has openly reviewed its future. In December, the company launched a strategic review that said it would consider “a range of potential alternatives to maximise shareholder value,” including “a potential sale of the Group, or some of the Company’s assets and/or business units.”

It came after warnings that UK tax changes would squeeze earnings and make trading tougher across the regulated market.

In January, we reported Evoke posted its strongest quarter of the year, with fourth-quarter revenue of £464 million ($627 million), while chief executive Per Widerström criticized the UK Budget for dealing a “significant blow to both evoke and the wider regulated industry.”

In December Evoke had begun a formal review of its future direction as pressure mounted from tax increases and planned store cuts across the group.

Retail operations have already been shrinking. In October, we found that William Hill planned to close around one in ten of its UK betting shops during 2026.

The potential buyer itself has also been reshaped. Bally’s completed a $3 billion merger deal with Intralot in October, giving Bally’s a controlling position in the enlarged business and access to Intralot’s international lottery and digital technology assets.

The American corporation based in Rhode Island, entered Europe last year when it bought Aspers Casino in Newcastle. In the same year, hedge fund Standard General completed its $4.6 billion takeover of Bally’s Corporation. It appears to be increasing its digital footprint in the UK market.

For now, no firm offer has been agreed and talks remain conditional.

Featured image: Hermann Luyken via WikiCommons / CC0 1.0 / WythenshaweMike via WikiCommons / CC BY 3.0

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