Candle Lake, the investment vehicle controlled by Cayman Islands-based Kenneth Dart, has launched a mandatory cash offer for all outstanding Evolution AB shares at SEK695 ($72.89) per share. The offer values Evolution at SEK131.7bn based on 189.45m shares outstanding, with the minority stake priced at SEK90.1bn.
The offer was triggered after Candle Lake crossed the mandatory bid threshold under Swedish takeover rules. On 24 July the fund raised its stake to 30% by acquiring 2.05m shares at prices up to SEK695. It now holds 59.8m shares — 31.56% of outstanding stock — with indirect positions bringing total exposure to 32.04%.
The offer price matched Evolution's closing price on 24 July 2026 and stood 1.6% above the 20-day volume-weighted average on that date. By 12 August it had fallen 5.7% below the closing price and 3.3% below the 20-day average. The acceptance period runs from 17 August to 15 September 2026, with settlement beginning 23 September.
Candle Lake says it will not change Evolution's operations, management or employment terms. But if its stake exceeds 90%, the fund will delist the company from Nasdaq Stockholm and take it private. Funding is secured through own funds, liquid assets and credit facilities. Candle Lake began buying shares in mid-2024 and acquired 10.46m in the six months before the offer.
A month ago Evolution terminated its merger agreement with Galaxy Gaming. Earlier this year the studio's UK licence nearly faced suspension after the Gambling Commission found its live games on unlicensed sites accessible to British players.
