Evoke has confirmed takeover talks with Bally��s Intralot after receiving a 50 pence-per-share proposal that values the UK-listed betting group at roughly £225.3 million. The market reacted quickly. Evoke shares rose nearly 16% on Monday morning, and the offer represents a 29% premium to Friday’s closing price of 38.85 pence.
The company said the proposal is expected to be structured as an all-share combination with a partial cash alternative, covering the entire issued and to be issued share capital of Evoke. Morgan Stanley and Rothschild & Co are advising the company as it evaluates the approach. Under UK takeover rules, Bally’s Intralot has until 5 p.m. on May 18 to announce a firm intention to make an offer or walk away, unless the deadline is extended with both sides’ consent.
Debt load and UK tax changes frame the talks
The discussions come after Evoke launched a strategic review in December. At that point, the group was carrying about £1.8 billion of debt, much of it linked to 888’s £2 billion acquisition of William Hill’s non-US operations in 2021. The company also runs the Mr Green and 888 brands.
Tax policy has added more pressure. In the UK’s autumn 2025 budget, remote gaming duty was raised from 21% to 40%, effective April 2026, and a new 25% online sports betting duty is due from 2027, with horse racing exempt. Evoke said in March that it would shut around 200 betting shops from May onward, citing the tax increase as a main reason. It also projected that the higher duty bill could reach as much as £135 million a year from 2027.
Bally’s Intralot points to synergies, offer still uncertain
Bally’s Intralot CEO Robeson Reeves said the company sees “substantial strategic and operational synergies” in a combination with Evoke. He said Bally’s Intralot has built a business with a margin profile that stands out in the sector, while Evoke brings scale, creating room to improve financial performance through integration.
Even so, Evoke stressed that there is no certainty that a formal offer will be made. The company told shareholders not to take any action in response to the proposal at this stage, which is standard language during early takeover discussions.
Valuation rebounds from late-2025 lows
The proposed £225.3 million valuation is more than double Evoke’s market capitalization at the time of its December 2025 strategic review announcement, when the company was valued at about £98 million after a sharp decline tied to the UK budget. In January, Deutsche Bank downgraded Evoke to “hold” and set a price target of 35 pence.
Goodbody gaming and leisure analyst David Brohan said the announcement was “no surprise” given recent speculation. He described the potential transaction as a smart move for Bally’s Intralot in a tougher operating environment after UK tax increases. Bally’s Intralot has also disclosed 2025 combined pro-forma revenue of about €1.1 billion and adjusted EBITDA of €431 million following the International Interactive acquisition, giving investors a clearer view of the buyer’s scale as the deadline approaches.