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(Sharecast News) - Shares in gaming and gambling group Evoke rallied on Tuesday, after the William Hill-owner confirmed takeover talks were continuing.
The firm, formerly 888 Holdings, is in negotiations with Greek lottery operator Bally's Intralot about a possible 50p per share takeover. The proposed 225m deal is currently expected to comprise an all-share combination with a partial cash alternative.
Providing a brief update after markets closed on Monday, Evoke said "constructive discussions" were continuing and that Bally's Intralot had therefore requested - and been granted - an extension to the so-called put up or shut up deadline.
Bally's Intralot, which is listed in Athens, now has until 1700 BST on 8 June under Takeover Panel rules to make a firm offer or walk away. The revised deadline could be extended again with the consent of Evoke.
As at 0845 BST, the stock had put on 8% at 36.06p.
888 Holdings acquired William Hill's UK business from Caesars Entertainment in 2022 for 2bn, but was left with considerable debt. The firm, which changed its name to Evoke in May 2024, has been carrying out a strategic review since last November, after hikes to gaming duties were announced in the Budget.
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