William Hill owner evoke confirms talks are taking place over £225m takeover from Bally’s Intralot
Deal to include all-share combination with a partial cash alternative
Following recent media speculation, UK gambling operator evoke, who owns William Hill, has confirmed it is in discussions with Bally’s Intralot 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, valuing the company at £225m.
The proposal is expected to comprise an all-share combination with a partial cash alternative.
Bally’s Intralot said a deal to buy evoke ‘would have the potential to deliver substantial strategic and operational synergies, including enhanced scale, an expanded geographic footprint and opportunities for cost efficiencies.’
Bally Intralot’s Chief Executive Robeson Reeves said: “We have built a business with a margin profile that stands out in this industry. Evoke has the scale. We see a compelling opportunity to bring our operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver. This is an opportunity we are pursuing with conviction.”
evoke said: “There can be no certainty that an offer will be made or as to the terms on which any offer might be made. The Board of evoke is evaluating the possible offer together with its financial advisers, Morgan Stanley and Rothschild & Co. Bally’s Intralot has confirmed that any firm offer, if made, would be subject to customary conditions and approvals and that it reserves the right to vary the terms of any such offer, including the price, the form and mix of consideration and the structure of the transaction.”
Last month, Evoke confirmed it would shut around 200 William Hill betting shops from May, due to the government’s tax rises
