Evolution rises as shareholder passes mandatory offer threshold
BUZZ-Evolution rises as shareholder passes mandatory offer threshold ** Shares in Evolution EVOG.ST rise 5% after Candle Lake Limited, a company controlled by investor Kenneth Dart, triggered a mandatory takeover offer by increasing its shareholding in the Swedish online casino provider
** Candle Lake bought 2.05 million shares in Evolution on Friday after market close, raising its shareholding to around 30.03%, it said
** The firm now has four weeks to either launch a mandatory takeover offer or to sell shares to decrease its shareholding under the 20% threshold
** Alphavalue notes that Candle Lake crossed the threshold in March 2026 but then reduced it to below 25%
** But Citigroup says that investment was made up of only 24.3% share of voting rights, with the rest held through a swap agreement, therefore not triggering a mandatory offer
** Citi views this as a positive for the shares, given the potential for Candle Lake to submit a takeover offer for Evolution
** Including today's rise the stock has gained 16.07% YTD
(Reporting by Vera Dvorakova)