William Hill owner Evoke has confirmed it is in discussions with Bally’s Intralot over a possible takeover of the gambling group at 50 pence per share.
Evoke released a statement on Monday following a Sunday Times report over the weekend that the group was in talks to secure a deal as it struggles with a mountain of debt.
Like most betting firms, Evoke’s shares have performed woefully since the pandemic, and a takeover will make sense for many shareholders.
Evoke enjoyed a strong Q4 2025, with slight revenue growth over the full year. But it wasn’t enough to sustain a rally as investors fretted about its debt pile.
The takeover proposal is expected to take the form of an all-share combination with a partial cash alternative. Evoke’s board is evaluating the approach with advisers Morgan Stanley and Rothschild & Co. Bally’s Intralot has reserved the right to vary the terms of any offer, including the price, the mix of cash and shares, and the deal structure.