Evoke Extends Bally’s Intralot Acquisition Deadline

Evoke has pushed back the deadline for Bally’s Intralot to declare a possible acquisition offer. On Monday, as the original deadline for discussions expired, Evoke reported that talks were still progressing between the two entities regarding a proposal that may involve an all-share combination with a partial cash alternative. On April 20, Evoke revealed it was in discussions with Bally’s Intralot concerning a potential takeover, offered at £0.50 ($0.67) per Evoke share. Initially set for May 18, the deadline has now been extended to 5 PM BST on June 8, at Bally’s Intralot’s request. This timeline can be prolonged if Evoke agrees to it again. Bally’s Intralot also retains the option to alter the terms of any potential offer. Evoke, the troubled parent of William Hill, began a strategic review in December, opting to explore the possibility of either a partial or complete sale. Like other UK firms, Evoke faces challenges due to the increase in the Remote Gaming Duty rate from 21% to 40%, effective April 1, 2026. The talks between Evoke and Bally’s Intralot surfaced after Evoke announced plans to close 200 William Hill betting shops across the UK. Deutsche Bank research analyst Richard Huber noted in January that Evoke has been significantly impacted by UK tax increases because of its online market exposure. Despite skepticism about Bally’s Intralot's interest in acquiring Evoke, which reported a post-tax loss of £541 million in FY25 and carries a heavy legacy debt, Bally’s Intralot CEO Robeson Reeves expressed enthusiasm for the potential of Evoke. He pointed out the scale of Evoke’s operations across Europe as particularly appealing. Reeves stated, 'We see a compelling opportunity to bring our operating model to a significantly larger business and the potential to transform its financial performance through synergies we are uniquely positioned to deliver.' He emphasized that this was an opportunity the company was pursuing with conviction. Michael Robinson, founder and managing partner of advisory firm Corfai, expressed caution, advising that Evoke's net debt exceeding £3 billion could be undervalued. Robinson suggested that a complete acquisition by Bally’s Intralot could eventually lead to the sale of specific divisions to alleviate financial pressure, with its businesses in Italy and Mr Green as likely candidates.