Evoke Grants Bally’s Intralot Additional Time to Finalize Takeover Bid

(AsiaGameHub) –   Evoke plc has extended the deadline for Bally’s Intralot S.A. to decide on submitting a formal takeover bid, prolonging one of the ongoing deal discussions in the UK gambling industry into June.

---

Good to Know

• The new deadline for Bally’s Intralot is 5:00 p.m. London time on June 8, 2026, to either commit to an offer or withdraw.
• Negotiations focus on a potential acquisition of all Evoke shares at 50 pence each.
• Evoke has been evaluating sale possibilities while contending with increased UK online gambling taxes and reductions in its retail operations.

---

Following a request from Bally’s Intralot, Evoke consented to the extension. This grants the potential acquirer until June 8 to declare a firm offer or to state it will not proceed. Evoke retains the right to approve further extensions.

Discussions were initially disclosed on April 20, with Evoke confirming it was engaged in talks regarding a possible bid for its entire issued share capital at 50 pence per share. A transaction is anticipated to be structured primarily as a share swap, although a cash component might be included in the final terms.

For Evoke, the parent company of William Hill, 888, and Mr Green, these talks coincide with a broader strategic review launched in December. The company has been considering various alternatives, including a complete or partial sale.

UK tax policy changes have added urgency to this review. The Remote Gaming Duty rate rose from 21% to 40% on April 1, 2026, adversely affecting operators with substantial online revenue. Deutsche Bank analyst Richard Huber noted that Evoke’s online-centric business model left it “disproportionately impacted” by this tax hike.

Concurrently, Evoke has been implementing cost-cutting measures in its retail division, including plans to shut down 200 William Hill betting shops throughout the UK.

Bally’s Intralot has maintained its pursuit despite Evoke’s challenging financial position. Evoke reported a post-tax loss of £541 million for FY25 and continues to bear significant debt. Nonetheless, Bally’s Intralot views a takeover as a strategic move to create a larger pan-European gambling entity.

On the post-FY25 earnings call, CEO Robeson Reeves linked the potential deal to achieving greater scale and efficiencies:

“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 stated. “This is an opportunity we’re pursuing with conviction.”

Should the bid progress, market analysts anticipate Bally’s Intralot would consider divesting certain Evoke assets. Evoke’s operations in Italy and the Mr Green brand have been cited as non-core holdings that could be sold to reduce debt following an acquisition.

Currently, no formal offer is on the table. Bally’s Intralot stated that any future proposal would be subject to customary regulatory clearances and conditions. The final price and deal structure remain subject to change, and the company cautioned that there is no guarantee an offer will be finalized or completed.