About a week after Evolution terminated its deal to acquire table game manufacturer Galaxy Gaming, Evolution’s largest shareholder has upped his stake in the Swedish gaming firm, triggering a potential takeover bid.
U.S. investor Kenneth Dart, through his Cayman Island-based firm Candle Lake Ltd., has acquired 2.05 million shares in Evolution, bringing his total to 59.8 million shares, according to a news release.
Under Chapter 3 Section 1 of the Swedish Act on Public Takeovers, anyone passing 30% of shares in a listed company must disclose it and has four weeks to submit a bid for the remaining shares or reduce its holding to below the 30% threshold.
