Evoke has announced that it has agreed to a £243m all-share takeover offer from the Greek gambling firm, Bally’s Intralot.

The offer represents a 77% premium on Evoke’s volume-weighted share price of 29.4 pence over the three-month period ending 17 April, which is the last business day before Evoke’s statement regarding the media speculation in respect of the acquisition.

Under the offer, shareholders of the gambling firm, which owns brands including William Hill, 888 and Mr Green, will receive 0.5 new Intralot shares.

Intralot has also outlined an alternative to the shares offer, in which Evoke shareholders may elect to receive some of all of their Evoke shares, valued at 52 pence in cash.

Intralot, which operates in a number of regulated markets, including the UK, Spain and certain US states, said that the acquisition will create a "global gaming and lottery champion", with a "leading position in the UK".

Furthermore, it said that it will be able to combine Evoke’s "iconic brands" with its data technology to optimise player journeys.

Following the announcement, shares in Evoke increased by over 13%.

Investment director at AJ Bell, Russ Mould, described the deal as "chunky", with a "massive premium to market price" before Evoke put itself up for sale.

He concluded: "However, Evoke had already rallied in April when Bally’s Intralot confirmed bid interest at 50 pence per share. The firm offer is pitched slightly higher at 52 pence per share. It will bring an end to William Hill’s 24-year stint on the UK stock market as a standalone business and under Evoke’s corporate umbrella.

"The UK’s last man standing as a listed entity among the big high street betting names is now Ladbrokes which is owned by Entain. Paddy Power’s owner Flutter has already switched allegiance to the US and looks set to ditch its London listing completely.

"Gambling is still a viable industry in the UK, except it is increasingly done online. High street betting shops are a dying breed thanks to immense tax and cost pressures."

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