On August 13, billionaire Kenneth Dart's company, Candle Lake, made a mandatory offer to acquire shares of the provider Evolution, valuing the company at $13.8 billion, or $72.69 per share. This price is 5.7% lower than the closing price of the previous day and matches the maximum price that Candle Lake paid on July 24 when crossing the 30% ownership threshold.
Candle Lake stated that the offer is not aimed at acquiring all shares of Evolution. They described the package as a long-term financial investment and do not plan to change the company's operational activities, management, staff, or locations. Currently, they own 31.56% of the shares and voting rights, and with swap agreements, their exposure reaches 32.04%.
The acceptance period for the offer will run from August 17 to September 15, with settlements starting on September 23. Analysts at Jefferies believe that the below-market offer is necessary for formal compliance with Swedish legislation, and after its completion, Dart may continue to increase his stake. If the package exceeds 90%, Candle Lake intends to initiate a forced buyout of the remaining shares and delist Evolution from Nasdaq Stockholm. Evolution has not commented on the offer.