Bally’s Intralot given more time on Evoke bid
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- Evoke’s board has agreed to extend the firm intention to make an offer deadline at Bally’s Intralot’s request.
- Bally’s Intralot must now declare its intentions by no later than 5:00 p.m. London time on 8 June 2026.
- The proposed deal is priced at 50p per share, valuing Evoke at around £225m, and is expected to comprise an all-share combination with a partial cash alternative.
Evoke plc has granted Bally’s Intralot an extension to the firm intention to make an offer deadline, pushing the decision date back to 8 June 2026, after the prospective acquirer requested more time. The 8 June deadline sets a new decision point for one of the most closely watched M&A situations in European iGaming this year.
The two parties have been in discussions since 20 April 2026, when Evoke confirmed it was evaluating a possible 50p-per-share proposal covering its entire issued and to-be-issued share capital.
The original deadline fell today on 18 May at 5:00 p.m. London time, under UK Takeover Code rules requiring a bidder to announce either a firm intention to make an offer or confirm it will not proceed within 28 days of the opening announcement.
Deadline extended
Bally’s Intralot requested the extension, and Evoke’s board agreed. The new deadline is no later than 5:00 p.m. London time on 8 June 2026, and remains extendable with Evoke’s consent.
Both parties continue to discuss a proposal expected to comprise an all-share combination with a partial cash alternative. Bally’s Intralot retains the right to vary the terms of any offer, including price, form, mix of consideration, and transaction structure.
No certainty exists that a firm offer will be made. Evoke shares were trading at around 34p on Monday morning, a meaningful discount to the proposed 50p, reflecting persistent market scepticism over whether a deal will materialise at the indicated terms.
The deal backdrop
Evoke’s full-year 2025 results showed revenue of £1.78bn, net debt climbing to £1.86bn, and post-tax losses widening to £541m, despite EBITDA improving 43% to £301m.
The William Hill, 888 and Mr Green parent has been running a strategic review since December, triggered by the near-doubling of UK Remote Gaming Duty from 21% to 40%, which took effect in April.
Bally’s Intralot has framed the potential acquisition as a scale-driven transaction, citing an expanded geographic footprint and cost efficiencies as key rationale. Analyst estimates suggest a combined entity would carry a debt burden of around £3.5bn, with Bally’s Intralot itself carrying approximately £1.51bn of debt.
Robeson Reeves, CEO, Bally’s Intralot, said in a statement:
“We have built a business with a margin profile that stands out in this industry. Evoke has the scale. We see a compelling opportunity to bring our operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver.”
Regulatory complexity ahead
Any firm offer would be subject to customary conditions, including approval from the UK Gambling Commission and regulatory sign-off across the combined group’s 40-plus regulated markets. Evoke is being advised by Morgan Stanley and Rothschild & Co.
Evoke also faces its own structural pressures. The company must demonstrate sustainable and materially improved profitability ahead of 2028, when a significant portion of its debt matures.
The extension to 8 June gives both sides additional time to work through the financing and structural complexity of a potential combination, though investors and regulators across European iGaming will be watching the new deadline closely.
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