Home / Business and Economy / Dart's Candle Lake Eyes Evolution for $13.8B
Dart's Candle Lake Eyes Evolution for $13.8B
13 Aug
Summary
- Candle Lake offers $13.8 billion for Evolution.
- The offer is 695 Swedish crowns per share.
- Candle Lake's stake triggered the mandatory offer.
Investment firm Candle Lake, backed by billionaire Kenneth Dart, has launched a significant takeover bid for Swedish online casino provider Evolution. The offer values the company at approximately 131.7 billion Swedish crowns, which equates to $13.8 billion.
Each share of Evolution is being offered at 695 Swedish crowns. This bid was initiated because Candle Lake, registered in the Cayman Islands, recently revealed its ownership of over 30% of Evolution's shares and voting rights. Such a holding level mandates an offer to acquire the rest of the company's stock.
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