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William Hill UK and 888 owner Evoke (EVOK.L) confirmed on Monday that it is in talks with Greek lottery and gaming firm Bally's Intralot (BYLOTr.AT) regarding a takeover proposal at 50 pence-per-share, valuing the betting group at 225.3 million pounds ($303.88 million).
The proposed deal is expected to be an all-share combination with a partial cash alternative, Evoke said in a statement confirming recent media speculation.
One of the firms hit hardest by the UK government's tax hikes on the industry, Evoke had said in March that it will shut a number of betting shops from May, as it continued reviewing strategic options for the company, including a potential sale.
Bally's Intralot - active in 40 regulated jurisdictions worldwide - last year completed the acquisition of Bally's International Interactive business in a deal that made U.S.-based Bally's Corporation (BALY.N) its majority shareholder.
($1 = 0.7414 pounds)