The owner of William Hill, Evoke, has officially confirmed it’s in talks with the Greek gambling and lottery powerhouse Bally’s Intralot. With the keeper of the leading UK bookmaker looking at a potential takeover worth around £225 million.
On Monday 20th April news broke that, Evoke, who have William Hill under their banner, revealing details about the potential Bally’s Intralot takeover.
With the offer sitting at 50p per share and would likely be an all-share merger. Though there might be a partial cash option on the table.
The Evoke takeover news isn’t, however, a total shock, as rumors had already started swirling over the weekend.
Bally’s Intralot also revealed why they want this.
They believe joining forces with Evoke would unlock massive “strategic and operational synergies.”
In plain English? They’re looking for bigger scale, a wider global reach, and plenty of ways to cut costs.
Bally’s CEO Robeson Reeves Put It Boldly
Robeson Reeves, Bally’s CEO pointed out that they’ve built a business with industry-leading margins, while Evoke brings the sheer scale.
Reeves sees a “compelling opportunity” to plug their high-performance operating model into a much larger machine, potentially transforming the financial outlook of the whole group.
As he put it, they’re pursuing this deal “with conviction.”
Now, the clock is ticking.
Bally’s Intralot has until 5pm on May 18th to either put up or shut up-making a firm offer or walking away.
It’s been a rough ride for Evoke lately though.
The company, which also counts 888.com and Mr Green among its brands, has been under a strategic microscope since last November’s budget.
That budget was a gut punch for online operators, nearly doubling remote gaming duty to 40%.
Evoke Recently Announced Shutting 200 Shops
While physical betting shops were spared the tax hike, the financial strain was still too much.
Evoke recently announced they’ll be closing about 200 shops starting in May, citing the budget’s impact as a major factor.
David Brohan, an analyst at Goodbody, noted that this news was “no surprise” given the recent chatter.
He views the potential deal as a savvy play. Especially considering how much tougher the UK market has become following those tax increases.
Given Bally’s strong position in UK iGaming, moving for Evoke now looks like a smart, defensive maneuver in a challenging climate.
