Kenneth Dart's Candle Lake crosses 30% in Evolution, triggering mandatory bid
What's the deal? Candle Lake Limited, controlled by US investor Kenneth Dart, has bought 2,050,000 shares in Evolution AB, lifting its total holding to 59,798,619 shares — roughly 30.02% of the Swedish gaming firm. That crossed the mandatory offer threshold under Swedish takeover law.
Why now? Under Chapter 3 Section 1 of the Swedish Act on Public Takeovers, anyone passing 30% of the votes in a listed company must disclose it and act. Candle Lake made that disclosure on July 24, 2026.
What's the endgame? Candle Lake now has four weeks to either launch a mandatory takeover offer for the remaining shares or sell down below three-tenths of Evolution's voting rights. The press release stresses it "is not an offer to acquire shares."
The signal: Evolution, listed on Nasdaq Stockholm's Large Cap segment, now faces a decision point over one of its largest shareholders. Whether Dart pursues a full bid or trims his stake will set the next phase for the company. RoschierDealroom has a profile for this one. Try Dealroom → Advokatbyrå AB is advising Candle Lake.
Read more: news.cision.com
Image credit: Ken Lund
