PRESS: Evoke nears takeover by US casino firm Bally's - Sunday Times

(Alliance News) - US-based casino operator Bally's Corp is in talks to buy Evoke PLC, the Sunday Times reported.

The Rhode Island-based firm has been informally granted preferred bidder status by the former FTSE 250-listed betting operator and owner of the William Hill and 888 brands, according to City sources.

Bally's could unveil a rescue deal as early as this week, if terms can be agreed, the Sunday Times said. Evoke owes lenders around GBP1.8 billion, compared to its stock market valuation which has fallen to just GBP175 million.

Shares in Evoke closed up 6.5% at 37.90 pence per share on Friday. The stock has fallen 18% in the last months and 91% over the last five years.

Back in December, Evoke kicked off a strategic review, which could include a sale of the company, after the UK government budget which the gambling firm warned would lift yearly duty costs by up to GBP135 million.

At the time, Evoke said the review will look into a "range of potential alternatives to maximise shareholder value". These include a sale of the whole group, or some assets.

Earlier this month, Evoke confirmed it would close 200 William Hill shops starting in May.

By Michael Hennessey, Alliance News reporter

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