William Hill owner Evoke in talks on £225m takeover by casino group Bally’s
Summary
Evoke, the company that owns William Hill and 888 casino, is in talks about a possible takeover by the US casino operator Bally’s. The proposed deal values Evoke at £225 million, which is higher than its recent share price, but there is no guarantee the offer will happen.Key Facts
- Evoke owns William Hill and the 888 online casino brand.
- Bally’s is a US casino operator in discussions to buy Evoke for £225 million.
- The offer price per share is 50p, about one-third higher than Evoke’s recent closing price.
- Evoke’s shares have fallen 90% since buying William Hill’s bookmaker chain for £2.2 billion four years ago.
- Bally’s might offer a mix of shares and some cash for Evoke.
- Evoke has about £1.8 billion in debt and a market value of £175 million.
- Government tax increases on online gambling have cost Evoke up to £135 million annually.
- Evoke plans to close 200 William Hill betting shops to manage costs.
- Evoke has faced regulatory fines and management problems, including issues with anti-money laundering.
- Bally’s was bought by Intralot last year and owns several casinos and online brands.
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