Gaming fever in London, Evoke accepts Intralot takeover bid after series raises
(Il Sole 24 Ore Radiocor) - Bet won for Evoke at the London Stock Exchange. The gaming company's stock soared in the morning after it accepted a £243 million takeover offer from Bally's Intralot, having previously rejected multiple takeover proposals. The offer will allow investors in Evoke to receive 0.537 new Intralot shares for each Evoke share held, with the new shares listed on Euronext Athens and values Evoke at 52 pence per share, based on a valuation of €1.12 for Intralot shares. Alternatively, shareholders can choose to receive 52 pence in cash per share, up to a maximum of £117.1m. All shares sold under the cash option will be acquired by JerseyCo, a subsidiary of Intralot.
The proposed price, a statement said, represents a premium of 138 per cent to the 21.9 pence recorded by Evoke on 9 December 2025, the day before the UK company announced its 'strategic review', and 77 per cent to the three-month weighted average as of 17 April, the day before negotiations with Intralot were confirmed. Evoke, which is based in Gibraltar, owns the Sports betting and gaming brands William Hill and 888, while Bally's Intralot is based in Greece and was formed in 2025 through the merger of Intralot and US-based Bally's International Interactive, which became the majority shareholder.
In April, Intralot announced that it was considering a bid for Evoke, and last month it was granted an extension to submit a proposal from 18 May to 8 June. At the time, Evoke said it expected an offer valuing the company at 50 pence per share. Last December,Evoke initiated a 'strategic review', which included the possibility of a sale, citing the damage caused by the UK government's Budget Bill, which increased taxes on online casino games and sports betting, causing - according to the company - an increase in its annual tax bill of between £125 million and £135 million. During the 'review' Intralot submitted multiple proposals, starting with an initial indicative offer of 32 pence per share.
The most recent offer of 52 pence per share received the unanimous recommendation of Evoke's board of directors. The offer also secured irrevocable commitments and letters of intent relating to 29.1% of Evoke's share capital. Intralot estimates thatthe deal will generate pre-tax cost and investment synergies of approximately GBP 180 million, which are expected to materialise by the end of the second year following the completion of the deal. Based on 2025 figures, the new group will have pro forma revenues of EUR 3.2 billion and an adjusted Ebitda margin of 27% versus Evoke's 20%.
"With potential synergies and a more diversified product and geographic mix, the acquisition offers a stronger and more balanced financial profile, with greater visibility on cash generation and debt reduction," said Intralot. "We have been determinedly focused on how best to maximise shareholder value, given the significant changes to the UK tax system and the constraints imposed by the Evoke Group's current capital structure," said Evoke chairman Mark Summerfield, adding that the acquisition by Intralot "will create one of the world's leading online betting and gaming companies, with greater reach, premium brands, greater diversification and a solid platform for growth through enhanced capabilities". The group will be 'poised to compete' in Europe's 'largest and most attractive gaming jurisdictions representing a potential market of EUR 36 billion' and will be leading the way in the UK.
