Reclusive billionaire investor and heir to the Solo Cup fortune Kenneth Dart has tabled his mandatory bid to take Evolution private.
Dart’s Candle Lake vehicle today (13 August) issued a statement making a cash offer for the live casino giant at SEK695 (€63.03) per share, Evolution’s 24 July closing price, which is below the supplier’s SEK733.30 current trading levels.
It follows the Cayman Islands-based billionaire’s shareholding in Evolution passing the key 30% threshold last month, which should officially trigger a mandatory offer for the whole business under Swedish listing law. That offer has now arrived.
However, in a statement to shareholders, Candle Lake said it was not interested in buying the company outright and was simply tabling the bid to fulfil its legal obligations.
The statement read: “Since its founding in 2006, Evolution has grown to become the global market leader in B2B live casino solutions, and Candle Lake values ??the quality of Evolution’s management and the strength of its operating platform.
“However, the offer is not motivated by any intention to acquire all of the outstanding shares in Evolution.”
‘Sin stock’ billionaire doesn’t usually buy outright
Dart – formerly Michigan’s richest man and someone known for keeping a low profile – is notable for his investments in “sin stocks” like tobacco and gambling, and is also Flutter’s largest investor.
However, the secretive billionaire is not known for acquiring companies outright and has historically preferred instead to build non-controlling interest positions.
The news comes as many observers have argued Evolution’s obligations as a public company have increased its regulatory issues, with the business receiving a greater deal of scrutiny than its private competitors.
Candle Lake outlined it currently owns 59,798,619 shares and votes in Evolution equating to 31.56% of the total business.
The release continued by assuring that Candle Lake’s plans for the future business and strategy of Evolution do not include any material changes to its operations.
Shareholders appear to have been unmoved by the offer with the company’s price barely changing, reflecting the fact few investors will be keen to sell at below the current going market rate.
However, NEXT.io understands the deal could prove useful for large investors in the process of downsizing, like Capital Group, to sell en masse, which can be difficult to do on the market due to a lack of volume.
The bid also temporarily sets a floor on the share price for the time being.
Intriguingly, Dart also picked today to buy a stake in Evolution’s RNG competitor Hacksaw Gaming, buying an initial position of 0.59%.
Shareholders have reacted very positively to this seemingly modest investment, with the shares shooting up 8% to SEK79.5.
Dingnews.com 14/08/2026