The secretive billionaire Kenneth Dart has launched a mandatory takeover offer for the Swedish gaming software maker Evolution AB to comply with strict market rules.
Dart’s Candle Lake investment vehicle has offered SwKr 695 a share, which values Evolution at about SwKr 132 billion [$13.8 billion] and is below the current market price of SwKr 733.
The offer matches the price Candle Lake paid when it increased its holding to just over 30 per cent of the Stockholm-listed company in July, triggering Sweden’s mandatory takeover rules. Under the rules, if a company’s stake exceeds 30 per cent it must make an offer for the rest of the shares at the price it paid or reduce its stake to below the threshold.
