By The Weekly Edge desk ·
Casino.org News reported that Kenneth Dart’s Candle Lake offered $13.8bn for Evolution EVO · SEK 800.00 2026-10-16 Data after exceeding Sweden’s 30% mandatory bid threshold. The report said an actual takeover was unlikely.
Crossing the ownership threshold required Candle Lake to make a takeover offer.
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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.
The shareholding increase triggers a takeover-offer obligation for Candle Lake.
The increased stake requires Candle Lake to make an offer or cut its ownership.
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.