Evolution Rejects Kenneth Dart's $13.8B Takeover Bid
Evolution AB's board of directors on Monday, August 24, 2026, formally recommended that shareholders reject a mandatory takeover offer from Candle Lake Limited, the investment vehicle of reclusive billionaire Kenneth Dart. Candle Lake's offer valued Evolution — the Swedish live-dealer and slot content supplier used across many regulated US online casino platforms — at roughly $13.8 billion, or SEK 695 per share.
How the bid came about
Candle Lake became obligated to make the offer after its stake in Evolution crossed 30% in late July, triggering a mandatory-bid requirement under Swedish takeover law; the firm issued its formal cash offer on August 13. Evolution's board said the SEK 695 price represented only a roughly 1.6% premium to the stock's 20-day volume-weighted average trading price and concluded the offer "does not reflect the fair market value of Evolution," adding that Candle Lake appeared to be making the bid chiefly to meet its legal obligation rather than to actually acquire the company. Evolution shares edged up slightly, about 0.5%, following the board's rejection announcement.
Who's involved
Kenneth Dart is a billionaire investor who also holds significant stakes in other gambling-industry companies, including roughly 30% of Flutter Entertainment (FanDuel's parent company) and about 5.8% of DraftKings, according to reporting on the bid. Under Swedish securities rules, Candle Lake can continue purchasing additional Evolution shares for up to a year before another mandatory offer would be triggered; if the current offer is voted down, Evolution remains listed on Nasdaq Stockholm rather than being taken private.
Why it matters to US players and operators
Evolution's live-dealer studios and slot titles power real-money games behind many licensed US online casino brands, so ownership changes at the supplier level can eventually ripple into game availability, pricing, or platform partnerships even though this dispute is being fought at the shareholder level in Sweden. For now, the board's rejection keeps Evolution independent and publicly traded, with the outcome ultimately resting on a shareholder vote.