Deadline for Bally’s Corporation subsidiary to confirm interest in evoke has been extended to 8 June
Bally’s Intralot has been given a further three weeks to announce a firm intention to make an offer for London-listed operator evoke.
evoke confirmed that it was in discussions with Bally’s Intralot regarding a potential business combination on 20 April, with Bally’s given until 18 May to either announce a firm intention to make an offer for the operator or announce that it does not intend to make an offer.
The potential transaction would see Bally’s Intralot, a subsidiary of Bally’s Corporation, pay £0.50 per share to acquire the entire share capital of evoke.
Bally’s Intralot requested an extension to the date, which has been agreed by evoke’s Board.
The announcement must now be made by no later than 5pm (London time) on 8 June. The revised deadline can be extended with the consent of evoke.
“Constructive discussions are continuing between the parties in relation to the proposal, which is expected to comprise an all-share combination with a partial cash alternative,” said evoke.
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, the form and mix of consideration and the structure of the transaction.
The company added that if the proposal results in a consummated transaction, its financing will be aligned with its stated financial policy goals within its existing perimeter.
evoke added that there is no certainty that an offer will be made nor as to the terms on which any offer might be made.
Shares in evoke plc (LSE:EVOK) gained 6.37 per cent on the news to 35.47 pence per share in London earlier Tuesday, while shares in Bally’s Intralot SA (ATH:BYLOT) were trading 0.35 per cent lower at €1.126 in Athens after the company also announced its first quarter financial results.