Domino hoo hoo: The talks between Evoke and suitor Bally’s Intralot look set to go down to the wire, with Monday’s deadline looming and the two parties evidently still unable to agree on a deal.

• The May 18 date was set when Bally’s Intralot’s 50p-a-share approach was first announced on April 20.
• Now it comes down to the final weekend. “I’m sure there will be people burning the midnight oil on this, one way or another,” said one advisor.

In the house: If a deal was just down to the price of the equity, then an agreement would likely have been consummated at the start of the process.

• The initial analyst reaction was positive, with Investec saying in the wake of Evoke’s FY25 earnings they were “optimistic of an offer being tabled by the deadline provided.”
• But as multiple sources have pointed out, the shadow of Evoke’s £1.86bn debt looms over the discussions and leaves the prospects for a successful conclusion delicately balanced.

In a heartbeat: Yet, as one well-placed industry source pointed out, the debtholders are not in the room and the calculus for Bally’s Intralot is effectively quite simple.

• “Any deal will constitute a change of control and, in that scenario, you need to potentially pay off all or part of the debt,” the source said.
• “So Bally’s will need £1.9bn of debt or cash or a combination of both.”

You can’t always get what you want: Hence, perhaps, the wording of the initial announcement saying any final offer would constitute an “all-share combination with a partial cash alternative.”

• That cash alternative might be quite limited and could yet prove to be a sticking point with Evoke’s shareholders.
• Specifically, sources suggested the Shaked family, the former founder and majority shareholders at 888, might not accept the terms.
• As 19% shareholders in Evoke, that “could cause a problem,” said the source.
• “The Shakeds will need to be convinced this is the best deal for them,” said another.

A new low: Should a deal be announced on Monday or before, the two companies will be merging at a moment of huge uncertainty in the UK market, where the combined entity would be a dominant player with pro forma revenue in 2025 of nearly £1.9bn and adj. EBITDA of over £730m.

• Bally’s Intralot was itself only formed last year and consists largely of the old Gamesys business, and more latterly the Bally’s international interactive division.
• As of 2025, the business produced revenues of £1.09bn, with 94% coming from the UK, and adj. EBITDA of £431m.
• From the Evoke side, it produced revenues of £1.78bn and EBITDA of £301m. Bally’s Intralot has debt of £1.49bn.

28 weeks later: Sources are split on whether a deal will be announced on Monday or whether the combatants will ask for more time. “I think it will be a challenge to get this over the line,” said the deal-making source. “I think they will ask for an extension.”

• “If they get to an offer I would say it would mean a refinancing of the entire debt structure, with at least one bank standing behind that,” the source added.
• Others, however, are more hopeful that the saga will be brought to an end.
• “Going through it now, I think it is more likely they will reach a deal,” said the industry source.