Evoke has confirmed it is in discussions with Greek lottery and gaming firm Bally’s ​Intralot over a possible takeover approach that values the company at ​£225m ($303.88 million), placing fresh focus on the future of the William Hill UK and 888 owner after months of strategic review activity.

The proposal would cover the entire issued and to be issued share capital of the betting and gaming company that is burdened by debt. According to statements from both companies, the possible transaction is expected to take the form of an all-share combination with a partial cash alternative.

No binding offer has been made, and both sides stressed there is no certainty that a deal will proceed or what final terms might look like. Under UK takeover rules, Bally’s Intralot must announce by 5:00 p.m. London time on 18 May 2026, either a firm intention to make an offer or confirm that it does not plan to proceed, unless the deadline is extended with Evoke’s consent.

Evoke said in a statement that its board is reviewing the approach with advisers Morgan Stanley and Rothschild & Co. The company also told shareholders not to take any action at this stage.

Strategic Review Moves Into New Phase

The discussions follow Evoke’s strategic review announced in December, when the group began examining partial and full sale options. Market speculation since then has centered on whether the company would seek to dispose of individual assets or pursue a sale of the wider group.

Recent industry reports suggested interest in several parts of Evoke’s business, including UK retail operations and its Italian division. Some observers had also floated the possibility of a private equity-led transaction.

The company carries significant debt, reported at around £1.8 billion in recent figures, with leverage near 5.0x EBITDA. That debt position has been seen as a major factor behind efforts to explore strategic alternatives.

Bally’s was viewed by some market participants as a credible bidder because of its willingness to consider acquiring the business as a whole rather than purchasing selected assets.

In its own statement, Bally’s Intralot said a combination with Evoke could create “substantial strategic and operational synergies.” It pointed to the possibility of larger scale, broader geographic reach and cost savings if the deal were completed.

CEO Robeson Reeves said: “We have built a business with a margin profile that stands out in this industry. Evoke has the scale.”

He added: “We see a compelling opportunity to bring our operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver. This is an opportunity we are pursuing with conviction.”

The bidder also said that if a transaction is completed, financing would remain aligned with its stated financial policy goals.

Any formal offer, if submitted, would still depend on customary approvals and conditions. Bally’s Intralot also reserved the right to amend the price, transaction structure, or consideration mix.

Pressure on Evoke Business Model

The talks come during a difficult period for Evoke. UK gambling tax changes have increased pressure on operators with domestic exposure, and analysts previously said the policy shift would weigh more heavily on Evoke than some rivals.

This month, the company also announced plans to close 200 William Hill betting shops in the UK, with closures due to begin in May. That move followed similar retail cutbacks elsewhere in the market.

Deutsche Bank downgraded Evoke shares to “hold” earlier this year and reduced earnings forecasts for FY26 and FY27.

Before Monday’s announcement, Evoke shares had closed at £0.38. Reports indicated the stock rose to £0.43 after markets opened, reflecting investor reaction to the ⁠proposed 50 pence-per-share deal.