Evoke extends Bally’s Intralot takeover deadline to 8 June

Evoke has extended the deadline for Bally’s Intralot to announce whether it intends to make a formal offer for the business.

The William Hill owner confirmed that discussions between the two companies remain ongoing. The original deadline expired on 18 May. According to Evoke, negotiations have been constructive. Both parties are still evaluating the potential transaction.

Bally’s Intralot now has until 5pm BST on 8 June to either announce a firm intention to make an offer or walk away. The potential transaction was first disclosed on 20 April, when Evoke revealed that Bally’s Intralot was considering a takeover proposal worth £0.50 per share.

Evoke continues strategic review

The extension is taking place as Evoke assesses its long-term future. The company launched a strategic review in December and said it was exploring options that could include a partial or full sale of the business. Since then, pressure on the operator has increased following the rise in Remote Gaming Duty from 21% to 40%, which came into force on 1 April.

Earlier this year, Evoke also announced plans to close 200 William Hill betting shops across the UK as part of wider efforts to improve performance.

Industry analysts have highlighted the operator’s exposure to the UK market as a particular challenge. In January, Deutsche Bank analyst Richard Huber said Evoke had been disproportionately affected by recent tax increases compared with some of its rivals.

Bally’s Intralot sees long-term value

Despite Evoke reporting a post-tax loss of £541 million during FY25, Bally’s Intralot has remained positive about the potential benefits of a deal.

Chief executive Robeson Reeves recently pointed to Evoke’s scale across European markets as one of the key attractions:

“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.”

However, there are questions about Evoke’s debt. Advisory firm Corfai recently suggested the group’s net debt of more than £3 billion will be a significant challenge for any potential buyer.

Corfai founder Ben Robinson said certain assets, including Evoke’s Italian operations and the Mr Green brand, could potentially be sold in the future.

What happens next?

Bally’s Intralot now has until 8 June to decide whether it will submit a formal offer. There is no guarantee that a transaction will be completed. The deadline may be extended again if both parties agree. Bally’s Intralot also retains the option to revise the terms of any future offer.

The coming weeks are likely to play a major role in Evoke’s next chapter.