By The Weekly Edge desk ·
SBC News reported that Kenneth Dart’s Candle Lake increased its Evolution EVO · SEK 800.00 2026-10-16 Data holding to 30.02%. The stake triggered a mandatory takeover offer under Swedish rules.
The shareholding increase triggers a takeover-offer obligation for Candle Lake.
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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 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 bid fulfils the reported mandatory-offer requirement affecting Dart’s Evolution investment.