"Evoke has effectively put itself up for sale after launching a strategic review late last year, grappling with roughly £1.8 billion in debt and rising operating costs."
"The proposal represents a notable premium to Evoke's recent closing price of 38.85p, though it comes against the backdrop of a dramatic collapse in the company's valuation."
"Under the reforms, remote gaming duty will rise from 21 per cent to 40 per cent from April, alongside the introduction of a new 25 per cent online sports betting duty from 2027."
"Whether a deal materialises may hinge on whether Bally's Intralot is willing to shoulder Evoke's substantial debt pile and navigate an increasingly hostile regulatory environment in the UK."
Evoke, formerly 888 Holdings, is in discussions with Bally's Intralot regarding a potential takeover valued at £225.3 million. The proposed offer of 50p per share represents a premium over Evoke's recent closing price. The company faces approximately £1.8 billion in debt and rising operational costs, largely due to its 2021 acquisition of William Hill's non-US arm. Upcoming tax reforms are expected to increase Evoke's tax liabilities significantly. The success of the deal may depend on Bally's Intralot's willingness to manage Evoke's debt and regulatory challenges.
Read at London Business News | Londonlovesbusiness.com
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