Overview
- Evoke, which disclosed the talks Monday, said it is weighing a 50 pence-per-share proposal from Bally’s Intralot that values the group at about £225.3 million.
- The bidder, formed last year by Greece’s Intralot and US-based Bally’s Corporation, says a combination could deliver large cost and scale synergies.
- The proposal is expected to be an all-share combination with a partial cash alternative, and UK rules set a 5 p.m. May 18 deadline for a firm offer.
- Evoke is under strain from higher UK gambling taxes that lifted remote gaming duty to 40% from April, with a 25% online sports betting duty due in 2027.
- The company carries about £1.8 billion of debt and plans to close around 200 betting shops from May, and its shares jumped nearly 16% after the announcement.