There are distressed assets, and then there is Evoke plc: a gambling group built at significant cost during a time of easy credit, now discussing a sale at roughly £0.50 per share after years of shrinking investor confidence, rising taxes and mounting leverage.
On 20 April, Bally’s Intralot confirmed it was in discussions over a possible offer for the owner of William Hill, 888 and Mr Green. The proposal, expected to be largely all-share with a partial cash alternative, values Evoke at just over £2 billion including debt. Not long ago, the constituent parts of the business commanded multiples of that figure.
The contrast is stark.
