Candle Lake Limited has launched a mandatory public cash offer for all outstanding shares in Evolution AB at SEK 695 apiece, after the Cayman Islands investment vehicle crossed the 30 percent mandatory-bid threshold under Sweden’s takeover legislation on 24 July 2026.
The offer values Evolution, based on its 189,447,977 outstanding shares, at approximately SEK 131.7 billion. Stripping out the shares Candle Lake already owns or controls, the consideration payable to remaining shareholders totals roughly SEK 90.1 billion. The SEK 695 price matches Evolution’s closing share price on 24 July, the last trading day before the threshold-crossing acquisition was disclosed, and carries a 1.6 percent premium to the 20-day volume-weighted average price through that date, though it sits at a 5.7 percent discount to the SEK 737.2 close on 12 August, the day before the offer was announced.
Candle Lake is wholly owned by Kenneth Dart and operates as a proprietary financial investment vehicle with no operating business of its own. The firm began accumulating Evolution shares in mid-2024 and has continued buying through market purchases since, reaching 59,798,619 shares and votes, or approximately 31.56 percent of the company, as of the announcement. Including indirect exposure through cash-settled total return swaps, Candle Lake’s total financial exposure rises to 63,836,035 shares, or roughly 32.04 percent.
Candle Lake has described the stake as a long-term financial investment rather than a bid for operational control, stating it does not currently plan material changes to Evolution’s operations, management or workforce. The offer document is expected around 14 August 2026, with the acceptance period running from 17 August to 15 September and settlement targeted for 23 September, subject to customary regulatory clearances.
Path to a squeeze-out and delisting
The mandatory offer carries a conditional trigger with significant implications for Evolution’s public listing. If Candle Lake’s holding surpasses 90 percent of outstanding shares, either through the offer or subsequent purchases, the firm intends to launch compulsory redemption proceedings under the Swedish Companies Act to acquire all remaining shares and pursue delisting from Nasdaq Stockholm’s Large Cap segment. That threshold, common in Swedish takeover situations, mirrors the mechanism that has driven other exchange exits, including the process examined in Flutter Entertainment’s delisting from the LSE and NYSE.
Evolution’s board is required under Nasdaq Stockholm’s Takeover Rules to publish its formal recommendation no later than two weeks before the acceptance period closes. The offer follows a period of active corporate activity at Evolution, including the terms disclosed around its Galaxy Gaming merger break fee. According to Gaming Intelligence, Evolution shares were trading at SEK 754.40, above the offer price, shortly after the announcement.
Candle Lake has confirmed the consideration is fully secured through available cash, liquid securities and credit facilities. Roschier Advokatbyrå AB is acting as legal advisor on the transaction.
Source: Cision
Renata Kovacs has spent the better part of a decade following the regulatory shifts and licensing battles that define how gambling markets open, close, and evolve across Europe and beyond. She came up through the legal and compliance side of the industry before shifting her focus to journalism and analysis, giving her a perspective that sits closer to the operator room than the press box. Her coverage tends to cut through the noise and get straight to what a regulatory change actually means for the businesses and players involved.