William Hill owner Evoke shares rocket as it braces for £243m takeover from Bally’s Intralot
Betting group Evoke shares rocketed in early morning trading, after gambling firm Bally’s Intralot on the terms and conditions for a takeover, as UK businesses brace for an online gambling tax hike.
Shares soared 16.2 per cent to 46.4 pence per share, with shares up 24.2 per cent since January.
The Greek company’s board has recommended an all-share acquisition, with Evoke shareholders entitled to 52 pence per share, valuing the company at £243.1m.
The offer represents a 138 per cent premium to Evoke’s share price of 21.9 pence at market close on 9 December, before talks between Bally and Evoke began, and a 77 per cent premium to its three-month average.
The transaction is expected to be completed by the first financial quarter of 2027 if it goes ahead. Additional terms include an all-share structure and a partial cash alternative , capped at around £117m.
Private lenders led by TPG Credit, alongside Oaktree and OHA, have committed roughly £889m to refinance Evoke’s existing debt and support the deal.
Gambling tax blues
Intralot cited its recent merger of Bally’s and Intralot in October 2025 as the reason for taking over the FTSE-listed company, giving it access to a number of regulated markets, including the UK and strengthening its balance sheet.
The group is also looking to take advantage of the incoming Remote Gaming Duty hike, with the tax rising from 21 per cent to 40 per cent next April, and Bally anticipating a “material shift” in the UK environment that could leave some gambling companies unable to stay in business.
The board of Evoke admitted that the group’s “significant UK exposure” would likely “have a material adverse impact” on the profitability.
The acquisition will address “key strategic and financial constraints facing Evoke” by combining the group with a larger platform.
Evoke struggles
The London-listed gambling firm, which , first confirmed takeover talks with Bally’s Intralot in April.
The indebted company was in discussions for a possible deal for the business at 50 pence per share, which initially valued the group at £225m.
The acquisition comes four years after Evoke snapped up William Hill for £2.2bn, but its share price has since plunged as the company has been plagued by tax hikes, the rise of poly markets, and consumers shifting to online gambling.
Shares have tumbled 88.4 per cent over the past five years.
It has also grappled with a duty on online sports, which increased from 15 per cent to 25 per cent, leaving chief executive, Per Widerstrom, admitting the changes would cost the business up to £135m per year.