US Investor Kenneth Dart Boosts Evolution AB Stake, Triggering Swedish Mandatory Bid Rule

Deep News

Jul 27

American investor Kenneth Dart has significantly increased his stake in Swedish gaming group Evolution AB through his Cayman Islands-based investment vehicle, Candle Lake. This transaction has pushed his total shareholding to approximately 30.02%, officially crossing the mandatory takeover offer threshold under Swedish securities law.

The latest transaction filing shows that Candle Lake recently acquired 2.05 million shares of Evolution AB, raising its total holdings to 59.8 million shares. Under Swedish takeover regulations, Candle Lake must now make a compliance decision within a four-week period: either launch a full takeover offer for the remaining shares of Evolution AB or reduce its stake back below 30%.

Public records indicate that Evolution AB specializes in online gaming and related casino technology development. The company has declined to comment on the recent shareholding changes and any subsequent acquisition matters.

Beyond this transaction, Candle Lake has a broad portfolio in the international gaming industry. In addition to its stake in Evolution AB, the entity currently holds approximately 28% of Flutter Entertainment, an online sports betting and gaming company.

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