evoke shares climb as Bally’s Intralot given May deadline to confirm interest in the company
London-listed betting and gaming operator evoke is in discussions with Bally’s regarding a potential business combination.
Evoke said in statement Monday that it has been discussing a potential transaction that would see Bally’s Corporation subsidiary Bally’s Intralot pay £0.50 per share to acquire the entire share capital of evoke.
The proposed transaction is expected to comprise an all-share combination with a partial cash alternative.
As per UK listing rules, Bally’s has until 18 May to either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer.
Evoke is being advised in the transaction by Morgan Stanley and Rothschild & Co.
Bally’s Intralot has confirmed that any firm offer, if made, would be subject to customary conditions and approvals and that it reserves the right to vary the terms of any such offer, including the price, form and mix of consideration and the structure of the transaction.
Evoke cautioned that there can be no certainty that an offer will be made.
The merger discussions follow a strategic review that was launched by evoke in December to explore options for maximising shareholder value.
Shares in evoke plc. (LSE:EVOK) were trading 12.23 per cent higher on the news at 45.00 pence per share in London Monday morning, while shares in Bally’s Intralot SA (ATH:BYLOT) were trading 0.57 per cent lower at €1.049 per share in Athens .
Shares in Bally’s Corporation (NYSE:BALY) closed 2.68 per cent higher at $11.87 per share in New York Friday.