Evoke has announced that a deadline extension has been agreed with Bally’s Intralot over a potential £225m acquisition for the William Hill, 888 and Mr Green parent.
On 20 April, evoke and Bally’s Intralot confirmed they had entered talks over a 50p-per-share deal, with a deadline of 5pm on 18 May set for concrete terms to be agreed.
However, less than an hour before the deadline, evoke released an update to the market confirming the deadline has been extended until 5pm on 8 June.
The extension came from Bally’s Intralot, with the evoke board agreeing to the request.
Bally’s Intralot is required to either announce its firm intention to acquire the London-listed operator or break off talks by the new deadline.
Again, the new 8 June deadline can be extended if agreed by both parties.
Evoke said: “Constructive discussions are continuing between the parties in relation to the proposal, which is expected to comprise an all-share combination with a partial cash alternative.
“Bally’s Intralot has confirmed that any firm offer, if made, would be subject to customary conditions and approvals and that it reserves the right to vary the terms of any such offer, including the price, the form and mix of consideration and the structure of the transaction.
“There can be no certainty that an offer will be made nor as to the terms on which any offer might be made.”
Last Friday, industry newsletter Earnings & More suggested talks between the pair had proved difficult, with evoke’s £1.8bn debt pile proving a significant sticking point and a potential deal remaining “delicately balanced”.
Evoke’s shares are down almost 5% today, 18 May, to 33p.
Bally’s Intralot CEO Robeson Reeves has laid out a bullish view on potentially acquiring evoke, which includes capitalising on its international footprint and UK retail estate.
Speaking during the operator’s full-year 2025 earnings call on 21 April, Reeves also suggested that should the evoke deal complete, further M&A would remain a distinct possibility.
He said: “Beyond evoke, we continue to monitor the broader M&A landscape. Our criteria have not changed.
“Regulated markets, strong brand positions, creative economics and logical operational fits. We are evaluating M&A from a position of genuine strength, not desperation, not financial engineering, [but from] absolute strength.”
Bally’s Intralot is due to release its Q1 2026 earnings report on Tuesday, 19 May.
The Athens-listed operator has its own debt pile of around €1.5bn. Intralot snapped up Bally’s International Interactive last year in a €2.7bn deal.
Bally’s, the Rhode Island-based casino giant, remains the majority shareholder in the combined business.
Bally’s Intralot full-year 2025 revenue hit €518m, up from €384.3m in 2024. Adjusted EBITDA came in at €183.5m.
As well as evoke’s debt pile, another factor that could be holding up the deal is the recent malfunction in the operator’s Jackpot Drop feature which led to players being wrongly awarded cash prizes thought to total tens of millions of pounds.
Earlier this month, EGR looked at the potential reputational damage and whether the company can regain public trust.
The post Bally’s Intralot and evoke extend M&A talks deadline to 8 June first appeared on EGR Intel.
Original cut-off for potential £225m deal was set for today, 18 May, yet discussions are set to continue over an “all-share combination with a partial cash alternative”
The post Bally’s Intralot and evoke extend M&A talks deadline to 8 June first appeared on EGR Intel.