Evoke extends deadline for Bally’s Intralot takeover decision as talks continue

Evoke plc has extended the deadline for Bally’s Intralot S.A. to confirm whether it will proceed with a takeover offer.

The decision follows ongoing talks confirmed on April 20, in a statement in which Evoke said it was in discussions over a potential bid for the company’s entire share capital at 50 pence per share.

Bally’s Intralot had requested more time, which Evoke agreed to grant. The new deadline requires the company to announce a firm intention to make an offer, or not, by 5:00 p.m. London time on June 8, 2026. The deadline may be extended again with Evoke’s approval.

The extended talks come amid a broader strategic review at Evoke, which began in December as the company explored options including a partial or full sale of the business. The review has been shaped by mounting sector pressures, including a sharp increase in the UK’s Remote Gaming Duty rate from 21% to 40% effective 1 April 2026, which has weighed heavily on operators with significant online exposure.

Evoke has also been restructuring its retail footprint, including plans to close 200 William Hill betting shops across the UK.

Research from Deutsche Bank Analyst Richard Huber previously noted that Evoke had been “disproportionately impacted” by recent UK tax increases due to its online-heavy business model.

Despite Evoke posting a £541 million (US$725 million) post-tax loss in FY25 and carrying a substantial debt burden, Bally’s Intralot has continued to express confidence in the strategic rationale for a potential acquisition.

Bally’s Intralot CEO Robeson Reeves said the company sees an opportunity to scale its operating model across a larger European footprint and unlock synergies through integration.

“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 during the group’s post-FY25 earnings call. “This is an opportunity we’re pursuing with conviction.”

Industry experts have suggested that, if an acquisition proceeds, Bally’s Intralot could consider divesting non-core assets such as Evoke’s Italy and Mr Green operations to reduce leverage.

Meanwhile, discussions are continuing, and the proposed deal is expected to be an all-share transaction, with a possible partial cash option.

Bally’s Intralot said any offer would be subject to standard regulatory approvals and conditions, and that terms could still change, including price and structure. It added that there is no certainty that an offer will ultimately be made or completed.