By The Weekly Edge desk ·
EGR reported that Kenneth Dart’s investment vehicle Candle Lake crossed a 30% stake in Evolution EVO · SEK 800.00 2026-10-16 Data after purchasing more than two million shares. It must launch a takeover offer or reduce its holding within four weeks.
The increased stake requires Candle Lake to make an offer or cut its ownership.
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Shareholders face an offer below Evolution’s current trading price, with the board advising them to decline.
Evolution’s board rejection signals to investors that it considers Candle Lake’s mandatory takeover offer below the company’s value.
Crossing the ownership threshold required Candle Lake to make a takeover offer.
The shareholding increase triggers a takeover-offer obligation for Candle Lake.
Dart’s DraftKings investment adds to his gambling holdings alongside an almost 30% stake in FanDuel owner Flutter.
The mandatory offer gives remaining Evolution shareholders a proposed cash exit.