Shares in Evoke plc jumped into focus after the William Hill owner confirmed it is in takeover talks with Bally’s Intralot over a deal valuing the business at £225.3 million.

The FTSE 250-listed group said discussions centre on a possible 50p-a-share offer from the Athens-listed bidder, which must either make a firm approach or walk away by May 18 under takeover rules.

The proposal represents a notable premium to Evoke’s recent closing price of 38.85p, though it comes against the backdrop of a dramatic collapse in the company’s valuation in recent years as debt and regulatory pressures have mounted.

Evoke, formerly 888 Holdings, effectively put itself up for sale after launching a strategic review late last year, as it grapples with roughly £1.8 billion in debt and rising operating costs.

Much of that burden stems from its £2 billion acquisition of the non-US arm of William Hill in 2021, a deal struck at the height of consolidation in the global betting sector.

Whether a deal materialises may hinge on whether Bally’s Intralot is willing to shoulder Evoke’s substantial debt pile and navigate an increasingly hostile regulatory environment in the UK,factors that have already driven a steep repricing of the sector.