Evoke has pushed back the deadline for Bally’s Intralot’s potential acquisition offer as negotiations continue between both parties.
Evoke has extended the deadline for Bally’s Intralot to announce a potential acquisition offer.
On Monday, when the deadline for deal talks timed out, Evoke said in an update that “constructive discussions” were continuing between the parties over the proposal, which could comprise an all-share combination with a partial cash alternative.
On 20 April, Evoke confirmed it was in talks with Bally’s Intralot over a potential takeover deal, priced at £0.50 ($0.67) per Evoke share.
The initial deadline was set for 18 May, but at Bally’s Intralot’s request, it now has until 5pm BST on 8 June to announce whether it intends to make an offer.
This deadline could be extended further, provided Evoke again agrees to an extension. Bally’s Intralot reserves the right to vary the terms of any potential offer.
Evoke exploring sale opportunities
Evoke, the embattled William Hill owner, initiated a strategic review in December, stating it was in the process of exploring a partial or full sale.
Like many of its UK competitors, Evoke has been hit hard by the rise in the Remote Gaming Duty rate from 21% to 40% from 1 April 2026.
The initiation of talks between Evoke and Bally’s Intralot followed the former’s announcement of the closures of 200 William Hill betting shops in the UK.
In January, Deutsche Bank research analyst Richard Huber wrote that Evoke had been “disproportionately impacted” by the UK tax hikes given its exposure to the online market.
Bally’s Intralot sees opportunity in Evoke
Some industry voices have questioned Bally’s Intralot interest in a full acquisition of Evoke, which posted a post-tax loss of £541 million in its FY25. Evoke also has a significant legacy debt burden.
But Bally’s Intralot CEO Robeson Reeves has since talked up the potential the company sees in Evoke, highlighting its scale across Europe as an attraction.
“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,” Reeves said on Bally’s Intralot’s post-FY25 earnings call.
“This is an opportunity we’re pursuing with conviction.”
Despite Reeves’ optimism, Ben Robinson, founder and managing partner of advisory firm Corfai, recently told iGB that Evoke’s combined net debt of over £3 billion was “underpriced”.
Robinson suggested that even if Bally’s Intralot acquired Evoke in its entirety, it could look to sell certain parts in future to reduce leverage. The Italy and Mr Green businesses would be the obvious candidates.
