(AsiaGameHub) –   Evoke has pushed back the deadline by which Bally’s Intralot must announce a potential acquisition bid.

On Monday, as the original deadline for deal negotiations expired, Evoke shared an update noting that “constructive discussions” between the two parties regarding the proposal are still ongoing. The offer may consist of an all-share merger, with a partial cash option available as an alternative.

On 20 April, Evoke confirmed it was holding discussions with Bally’s Intralot over a possible takeover agreement, valued at £0.50 ($0.67) per Evoke share.

The initial cutoff date was scheduled for 18 May, but following a formal request from Bally’s Intralot, the firm now has until 5pm BST on 8 June to declare whether it intends to submit a formal offer.

This deadline may be extended further, as long as Evoke approves another postponement. Bally’s Intralot retains the right to adjust the terms of any potential offer it puts forward.

Evoke exploring potential sale options

Evoke, the embattled owner of the William Hill betting brand, launched a strategic review in December, confirming that it was in the process of assessing options for either a partial or full sale of the business.

Alongside many of its UK industry peers, Evoke has been severely impacted by the upcoming increase in the Remote Gaming Duty rate, which will rise from 21% to 40% effective 1 April 2026.

Discussions between Evoke and Bally’s Intralot were launched shortly after Evoke announced plans to close 200 William Hill betting shops across the UK.

In January, Deutsche Bank research analyst Richard Huber published notes stating that Evoke had been “disproportionately impacted” by the UK tax increases, due to its significant exposure to the online gaming market.

Bally’s Intralot identifies value opportunity in Evoke

Several industry figures have questioned Bally’s Intralot’s interest in a full acquisition of Evoke, which recorded a post-tax loss of £541 million for its FY25. Evoke also carries a substantial long-term debt burden.

However, Bally’s Intralot CEO Robeson Reeves has since spoken positively about the potential Evoke holds for the company, highlighting its wide operational scale across Europe as a key draw.

“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 during Bally’s Intralot’s post-FY25 earnings call.  

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

Despite Reeves’ optimistic outlook, Ben Robinson, founder and managing partner of advisory firm Corfai, recently told iGB that Evoke’s total net debt of over £3 billion was “underpriced”.

Robinson noted that even if Bally’s Intralot acquired Evoke in its entirety, it may opt to sell off certain segments of the business in the future to reduce its leverage. Its Italian operations and the Mr Green brand are the most obvious candidates for divestment.