Evoke Shares Jump on £243m Bally’s Intralot Takeover Bid

Evoke plc (LON: EVOK) shares surged more than 10% on Friday after the William Hill and 888 owner announced it had agreed to a recommended all-share acquisition by Bally’s Intralot S.A., valuing the gambling group at approximately £243.1 million.

The stock climbed from a prior close of 40p to trade around 44–47p, reflecting the 52p per share offer price — a substantial 138% premium to the 21.9p Evoke was trading at in December 2025, just before the company launched a strategic review in response to the UK Government’s planned hike in Remote Gaming Duty from 21% to 40%.

Under the deal’s terms, Evoke shareholders will receive 0.537 new Intralot shares for each Evoke share held, based on Intralot’s share price of €1.12. A cash alternative of 52p per share is also on offer, capped at £117.1 million and funded via a bridge facility underwritten by Deutsche Bank and Jefferies Finance.

Bally’s Intralot — itself formed from the October 2025 merger of Bally’s and Intralot — operates across 40 regulated jurisdictions globally. The combined group would rank as the #2 player in UK iGaming and #4 in UK online sports betting, with projected pro forma net revenues of €3.2 billion and an adjusted EBITDA of €856 million. Around £180 million in annual cost synergies are targeted within two years of completion.

Evoke chairman Mark Summerfield said the deal represented “the most attractive and deliverable outcome” for shareholders following months of strategic review. The transaction is expected to close in Q4 2026 or Q1 2027, subject to regulatory approvals across multiple jurisdictions including the UK, Italy and the US.

The Evoke board, advised by Morgan Stanley and Rothschild & Co, has unanimously recommended shareholders vote in favour of the scheme.